Loading ...Yeah, I think you’re spot on, the Fed came into that market today. Bonds don’t trade like that, up, down, up, down. Fed likely saw a big seller in there that was going to drive rates through the roof, so much so that they had to intervene at least twice.
One thing though, there are a lot of dollar long, short bond positions that have been put on in the last weeks. They may be ripe for fleecing, that was a pretty good reversal today. I guess it depends on who is doing all the selling and how much they’ve got to dump.
This was a nice, unexpected rally today. Except for NEM, things looked pretty decent. Should be on our way to $2800 soon and then $3K, especially if rates and the dollar are topping right here, the dollar chart is strong but way overbought, although gold is also getting overbought as well. Better volume in GLD and SLV today, good to see on an up move.