While we continue to believe that the higher rate environment is nearing, this will not happen
with the current Risk off board. This could take a long time and lots of De-leveraging before we see
an absolute low in rates.

30 Yr…150.15  has been on our matrix for 5 months..Closing above this level is price positive and will have us looking for one more good rally in the 30 yr. ..maybe 4 points for a start.

TBT…closing above 150.15 in the 30 Yr. will have us close out our remaining long TBT position.

Spu’s…a close today under 1409.75 will put in an ORL day…this will be a tough area the first time down.
Only closing below this level in the Spu and  above 150.15 in the Bonds will have us looking for follow through.