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Politics : Idea Of The Day
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To: JDinBaltimore who wrote (30149)12/20/1999 3:36:00 PM
From: IQBAL LATIF  Read Replies (1) of 50167
 
What are you getting from reads on this bond tank (TYX) as I write up .56 to 6.433..???

Thanks

<<Today for me is an important day I would like to see if the breakout above 1442 is fake or real, we had once before close above this level (old 1428 SPZ) BUT FAILED as we drifted down, I would assume that today with bond yields much higher another fake break of Friday would take a heavy toll on the market, if 1432 is taken out I will trade on short side and would look at 1402 on SPX closely, if we break that support we will sell hard, on the other hand if we keep this support at 1442 on SP00H we will rally to 1475 area in a short time.. Index to folow will be SOX NDX DOT and IIX.. BKX coninued weakeness will give me early warning if 1442 is a fake break.. I am watching TYX closely above 6.40% yield would also weigh heavy on the market..>>

This 1428 SPZ or 1442 SPH has become a real resistance, may be market is building a tightening bias for FOMC. As I suspected Friday plus 1442 looks like a fake break but SOX rallied hard and have stayed nicely however if bond yields are at these levels until market breaj 1402 on SPX we may see bonds as high as 6.50%.. BKX is down below 750 that is now an indication that if we don't see a move up after fomc WE ARE GOING MUCH LOWER... THIS IS UPTEENTH FAILURE AT 1442.. 1380 LONG PUTS ON sph AND sox 750 COVERED CALLS look attractive..
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