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San Francisco Fed president John Williams came out with very hawkish comments today, and bonds are tumbling. We believe the US 30yr bonds are head significantly lower, possibly to the 50% Fibonacci level of 164’12. The first key support is 167’14. There are a good amount of longs in the 10yr bond according to the COT report, and these longs could be unwound gradually over the next couple of weeks. Energy prices are taking a small breather today after a massive rally over past week. We still believe OCT16 WTI crude oil could break above the $50 area, and possibly test the June16 high near $53.
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