Posted To: MBS Commentary
Yesterday was the warning shot and today could see confirmation that bonds are indeed bouncing. Actually, it's probably more appropriate to view yesterday and today (depending on how it turns out) as a rejection of the breaks below various trends and technical levels seen last week. We discussed these in the form of the downwardly-sloped trend channel (yellow lines below) and the pivot point at 2.12% (teal line below). The aforementioned technical levels were broken fairly convincingly (i.e. nice move below that was held for several days) but unfortunately, that break was predicated on temporary events driving a "risk-off" rally. As the worst fears relating to Irma and North Korea have abated, so too has the rally. Whether or not this ends up being a mere return to recent ranges...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
from Mortgage News Daily http://ift.tt/2vRpX9I
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