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The yield on the 10-year note rose almost 9% the past couple of days, does that mean a new trend is in play? Joe Friday says….Just the facts ma am and the facts are, the yield on the 10-year note is in a down trend!
The decline in yields is now testing the bottom of a multi-year rising channel and a few support lines are meeting at one price point in the chart above. Bond bulls have been correct for months. At this time around 75% of investors are bullish bonds/bearish yields according to Sentiment Trader.
A couple of weeks ago I shared that yields could be at a potential low and boy was I wrong. Could it be wrong to say yields could find support here? Sure could be!
If yields continue lower and break these potential support levels, I would have some concerns about the message bond players are sending to the world about lack of inflation concerns and how this could influence the current trend in the commodities space.
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