7 AUG 2010, Saturday

• Da Boyz are good!  They lured the bears as best they could in order to trap them.  Glad I didn't take the bait.
• Top chart is the daily with an up trendline drawn a few days ago.
• Bottom chart is the 60 minute chart.  After Friday's unemployment report, Da Boyz shocked the market downward.  Hmmm...it didn't break the trendline on an hourly close and then did a complete reversal upward erasing the bulk of the day's downswing.
• So...upchannel or upward wedge?  The market is wild...will just have to follow along behind it.
• Just thought this interesting how, sometimes, something as simple as a trendline can hold such significance and this is a good demonstration.  
• Oh...another point...Treasuries rallied, pushing two-year note yields below 0.50 percent for the first time in history, after the government’s payrolls report showed the economy lost more jobs in July than economists forecast.
• At some point, one of the surest bets to make may be shorting the US Treasury 7-10 year Notes via buying PST.  Afterall, how low will interest rates go and how long will they stay down there?