Trade Date: 7/11/2014 Commentary (delayed until 10.20 AM ET) -------------------------------- ZN R1-R4: 125-08-125-085, 125-105-125-13, 125-15-125-16, 125-20-125-24 ZN S1-S4: 125-035-125-04, 125-00-125-01, 124-28-124-295, 124-20-124-24 ZN/ZB Comments: Today is a post auction day and this usually yields a trading range day as the major players are sidelined with settlement requirements to be resolved. The biggest Treasury buyers have done their buying and the Primary Dealers are balancing their positions. This leaves the market to traders for the most part. And given the lack of news today a trading range market is the most likely outcome by day’s end. We will play for such. Biggest factor today could be the direction of the stock market, which is still pointed higher. If it breaks out above 196750 and holds those gains, financials could suffer. No news on tap this AM. Will anticipate a trading range this morning and will look to sell failure to take out 125-08/12 and to buy against the buck. Sell number one is 125-07/11 followed by 125-15/19. Plan on a cover at 125-01 OB. First buy is 124-29/01 followed by 124-21/25. Plan on an exit at 125-07 OB. -------------------------------- ZB R1-R4: 137-11-137-12, 137-16-137-19, 137-23-137-24, 137-28-138-00 ZB S1-S4: 136-30-137-02, 136-20-136-21, 136-09-136-13, -
Posted on: Fri, 11 Jul 2014 14:43:40 +0000