The Canadian Technician

One Of My Fear Gauges Continues To Show More Pain

Greg Schnell

Greg Schnell

Chief Technical Analyst, Osprey Strategic

 

This is the chart of three month T-Bills. When investors are looking for short term safety, they go here.

As they buy, it pushes the yield down. You can see .5 has been an interesting level. This week we have moved below it in almost a straight line down for the past 8 weeks.

$IRX 20130423

I would encourage you to click on the chart and see the large scale. It is my notepad that I write macro ideas on. Some of them never become a problem, like the free parking during the fiscal cliff discussions.  But we've headed lower for 8 weeks now after a failed breakout at 1.20. Usually below this level is very concerning. 

You can see the Full Sto's have retraced back below 50. The T-Bill /notes /  bond markets are twitchy here.

Good Trading,

Greg Schnell, CMT.

 

Greg Schnell
About the author: , CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA). Learn More