Bonds have stabilized for now after a brief relief rally. We tested higher levels at 123'15 or so, after falling 7 handles from the 129's to the 122's in less than one month. The rally was short lived, and just a technical respite into the overall bear trend, exactly as we had predicted here. The price promptly rejected this level, as anticipated, and headed back down to lows. We found support just above the low at 122'10 and have been equilibrating thereabouts, between this level and 123'01. There is nothing to suggest any deviation from the bear rout, overall except perhaps for small relief rallies. If the bear momentum picks up again our next target is 121'28.
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