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Market Sentiment At Its Lowest In 10 Months

Market Sentiment At Its Lowest In 10 Months

Stocks sold off last week…

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10-year US Treasury

The rate on the 10-year US Treasury Note (ticker symbol TNX) had its best week since June last week with a gain of 8.46% to close at 23.33. It even printed an engulfing bullish candlestick on Friday.

Most of the week's gain came on Friday's strong non-farm payroll report. The breakout from the June bear trendline would seem to open the door for a return to the June high near 24.75 but...

Cycles point to a high near last Friday and a decline into late-November or early December.

The NY Fed report of Primary Dealer activity shows a dramatic dumping of positions by dealers. It appears that dealers aren't waiting for the December rate hike to eliminate risk from their balance sheets.

10-Year US Treasury Note Yield Chart

 


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