Tonight the long bond (US, ZB) futures are just above the 2003 high which is a “natural” (Gann) sell point.* If it doesn’t sell here Mr. Market is pretty sure we are going to have a very deep world wide recession or worse.
*The CSI Data Perpetual® 3 month forward futures contract was 122 15/32 on June 16,2003, and December 2008 futures (approximately 3 months forward) have been as high as 122 28.5/32 tonight, and are still above the 2003 high right now. (Green arrow)
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