Posted 6/10/2021 14:06 (#9051721) Subject: Something is amiss...
The ten year treasury (today) broke support of 1.47% which was the recent low on the May 7th Job Report.
I am now starting to believe I was totally wrong saying the highs were in for corn and soybeans on May 7th after seeing this breach of 1.47%.
I think the epic blow off top is coming in the very near term for grains and the 10 year treasury heads all the way down to 1.13%.
I know lumber trades seasonally, but it has dropped around 33 percent in less than a month.
My though process is the bond market has sniffed something out and a large correction is coming or the FED is intentionally going to press rates lower and induce the correction to stop inflation pressure on its own.
The window to move higher is open and new highs can be matched or exceeded. However, the bond market is possibly signaling it is 11:45 pm and Cinderella needs to be on her way before the stroke of midnight.
I would be prepared for a limit up move coming at the open in the very near future (within the next two weeks) with a close lower for the day after being limit up. At this juncture, it will be time to be defensive and protect margins.