After getting pulled into a slightly higher range on late session stock strength, tsy's decided it would be best to go ahead and hold the line at previous session high yields. Basically, tsy's just gave stocks the good 'ol Lumburg, which will undoubtedly make sense to you after careful consideration of the following chart:
As far as the question of the triangles' relevance above, ummm, yeah.... Not so relevant, but I occasionally like to point such things out so we can keep track of short term competition between trends. As stocks are coaxed off their highs and with the clearcut observation of the most basic of technical signals from tsy's (Thanks Bill!), the vote for the rest of the afternoon is for the absence of drama. Additionally, the previously discussed reprice risk noticeably wanes into the PM, especially inasmuch as stocks actually decline into their closing bell which looks to be a distinct possibility.
Go back and comment on the morning post! It will likely be incorporated either in days to come or perhaps even in tonight's closing post.
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