This is probably the most important thing that traders should be aware of right now. Notice how today's GDP number came in "stronger than expected?" Hah! I'm thinking the bond market knew this for sometime. Watch things closely here for a short- term tradable move to the upside. I've got my eye on Micron Technology (NYSE:MU) on a break above $44.50 for short-term traders. We just identified it in the "hot list" at $44, but want the stock to break above $44.50 and its 50-period MA on 60- minute chart. Stock could pop to $47. Retracement bracket has a nice stop at $43.47, but we'd simply move stop up under previous hourly low if long on the break above $44.50.
10-year YIELD Chart - 60-minute interval
It's the YIELD rising on the 10-year that has me looking for some bullish trades currently. All of a sudden some of the things we've been seeing lately (strength in steel stocks, gold/silver stocks moving) has me thinking there might actually be hope of economic growth. If the MARKET is selling bonds during a Fed rate cut cycle and YIELDS are rising, then perhaps the market is thinking the same thing. With the NASAQ-100 Bullish percent in "bear alert" mode, I'm only looking for stocks like MU that have minimal downside where I can control my risk.