While this may be one of those times when Fundamentals (which look ghastly and perilous) trump Technicals (which have improved markedly and now look quite attractive), the technicals suggest a tradable low is at hand. We have, so far, been wrong about extent of the bond move, but once again are seeing chinks in the façade of the bonds. We still maintain an objective of the 23.50 area on UUP, and 81 – 83 on the DXY.
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