GFBP Position Tracker BOB Reversed
Short BOB, SPs 3064 Line in the Sand
The Global Futures Benchmark Program Positions Tracker swapped out of a short Ultra Bond long 30YR Bond and reversed. The swap is indicated in the new positioning for today in the GFBP Positions Tracker for our subscribers:
The SP500 continues to pound sand around the 3064 mark in the September Future. We took a brief dip below it on the EU open to put in a low of 3048.75, but have since reversed back above now trading 3074. We can’t help but think we may see a push to the 3084/3090 area and think we would find some selling pressure there. We don’t think given next weeks well known Q2 re-balance will have many buyers chasing here, but who knows, with Volcker out of the way, anything goes now, prudence and risk adversity be damned! Anyway here is the SP chart:
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