Stocks quoted in this article:
The CBOE 30-Year Treasury Bond Interest Rate Index (TYX - 66.77
), which tracks the yield on the long bond, is rapidly approaching the 67.13 level which was set in late August, 1997. As we noted in previous Market Bytes
, the 67 area could act as resistance on a technical basis. However, the 72 area could be the next stop if the former 67 level is taken out. The 72 area was the high point in September 1996 and August 1997 and should offer some stiff resistance. According to Consensus Inc.
of Kansas City, bond bulls are loathe to call for lower yields with a mere 18 percent of those polled having a bullish bias.<