It’s time to turn bearish on US Treasuries, is the
clarion call from BofAML’s Macneil Curry. The impulsive advance in US
10yr yields from 2.669%/2.630% and Tuesday Bearish Engulfing Candles in
many of the futures contracts (WN, US & FV), Curry says, means the larger bear trend has resumed. In 10yr yields Curry targets 2.950%/2.992% (the high end of the 4m 2.47%/3.00% area range trade). Pullbacks should be seen as temporary, corrective and an opportunity to go short.
This bearish view, he warns, is invalidated on a 10yr yield move below
the 2.659% lows of Nov-18. From a trading perspective they express this
view by selling USZ3. Downside targets are seen to 128-22/128-12, with a stop above 133-10.
READ MORE
Please share this article
No comments:
Post a Comment