The Dec'09 US 30yr T-Bond is stuck in a Digestive Bull Trend today in a difficult roll. Expect the contract to stay on the soft side below 120-12, targeting 119-06 on any new weakness. Stay nimble. This is a major directional area for the underlying sentiment and the session Inflection Pivot. Expect a bounce and accept any REVERSAL signals. Only a held failure here signals a negative turn targeting 116-30 initially.
A rise above 120-12 and the Bulls will try to run with it targeting 121-18 on any positive showing. Don't press it. More stop and go action is expected.
JS
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