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Bernanke's strategy may face the "gauntlet" soonBen Bernanke probably won't be getting any sleep this weekend.
Fighting the market's natural direction in an attempt to alter ormanipulate conditions into something they aren't ... is a dangerousgame to play.
It is like stretching a rubber band. Yes ... you can continue tostretch it, but after a while, it requires more strength to stretch ita shorter distance.
That is what Bernanke is starting to face in the 30 year bondmarket. We know that he has wanted to keep yields and interest rateslow for the sake of housing (and the economy), but investors arewanting to be paid more for what they are perceiving as "taking higherrisks".
There is some point where investors are just going to say no ... and then Bernanke will have trouble on his hands.
We may be getting to a point where the TYX (30 year bond yields) aresaying that an Investor vs. Bernanke fight may be close by.
Below, is the 17 year Point & Figure chart showing the 15 year resistance line for 30 year bonds yields (TYX).
Something is going on here ... A market decision point, or face-offcould occur very soon. Such an event would appear around what happensat the 37.90 level on the TYX as seen on today's weekly Point &Figure chart.
As we speak, our Super Accelerator indicator is gaining strength on theTYX, so we could see a battle and an upside run on the 30 year yields.
*** Do not under-estimate the importance of such an event. It could bea "game changer" that causes duress in the economy along with thenecessary re-evaluation of future economic forecasts and projections.
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