We believe that a rally into the end of August could be starting this week. Our upside objective for this summer rally continues to be the 140 area. The salient point to remember, though, is that bonds themselves, at least so far, do not seem to be concerned by the prospects of default on either a national or local level. The FXE is testing key support in the 139 – 140 area and we ultimately think it is going to break.
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