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Market Roundup: Bonds/Bunds Gap Lower, Technical Trigger on Thin Volume

US TSYS
Bonds gapped lower just ahead the opening bell (30YY 2.4849%, +.0647 -- compares to 2.5358% high last Wed), in lockstep with German Bunds (10Y Bund yld 0.432%).
  • As noted -- No obvious headline or Block sale for move, very thin market depth/volumes with Japan out for extended weekend (Vernal Equinox Day holiday) exacerbated by anyone with an axe to grind this morning.
  • Stops triggered on way down, fast$ selling 2s-10s, deal-tied selling earlier.
  • Tsy yld curves mixed, short end steeper (2s10s +.929 at 21.427), longer dates flatter (5s30s -2.461 at 25.119) while 5s10s back steady after inverting earlier (-1.390% low, +.267% last).
  • Cross asset: Equities mildly weaker: SPX emini -3.0 (-0.07%) at 4450.75. West Texas Crude (WTI) gaining again +$4.15 (3.96%) at $108.85; Gold +$3.43 (0.18%) at $1925.03.
  • Technicals for TYM2 (123-31 last, -21.5, 123-28 low) : Trend conditions are bearish - last Monday’s strong sell-off resulted in a break of 125-14+, the Feb 10 low and a bear trigger. This confirmed a resumption of the primary downtrend and confirmed an extension of the bearish price sequence of lower lows and lower highs.
  • This opens 123-19+ next. Initial firm resistance is seen at 125-14+
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