Durable orders were weaker than expected, thus causing a nice bond rally and putting more pressure on the DOW. Yesterdays trade was lifted by a fairly strong bond auction, making the point that people are still happily buying US bonds. Hopefully the 5 year auction goes well today. This could set us up for a big move, if tomorrows GDP is weak.
Be careful though..each time we test and fail at 100.50, the chance for a bigger move down gets stronger. We are going to need to get through the resistance soon or we risk testing support at the bottom.
I'm still looking up though!
Have a great day!
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