Still Bearish The 10 Year Note

10 Year Note Futures--- The 10 year note is trading slightly higher for the 2nd session up 2 points at 120/02 down from session highs which were hit in last night's night session at 120/14 on the announcement that Gary Cohn an economic adviser to the Trump administration resigned sending the stock market lower and bond yields lower as well.

In my opinion this is a big time overreaction as I still remain extremely bearish the bond market, however I am not involved in this as I covered the short position last Friday as I'm looking at entering into another short position as I'm hoping for some type of rally as I will counter trend this market as I still see yields going much higher over the course of time.

The 10 year note is trading right at its 20 day but still far below their 100 day moving average as the yield stands around 2.86% which is incredibly cheap especially for the growth rate that the United States is accomplishing at this time as we await the highly anticipated monthly unemployment number which should send volatility back into this market as I think this is just the calm before the storm to the downside.

If you are a longer-term investor I would just remain short the 10 year note without any stop as the Federal Reserve is going to have to liquidate its massive multi trillion dollar bond holdings in the coming future especially if the infrastructure package is passed as these rates are extremely low historically speaking especially for the type of worldwide expansion that is currently occurring.

TREND: ---LOWER

CHART STRUCTURE: IMPROVING

VOLATILITY---LOW

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