As a result, the yield on the long bond was 7.05 percent.
A week ago the yield on the long bond was 7.91 percent.
Before the rally, the long bond had been down 28/32.
He put the next resistance level on the long bond at 5.63 percent.
A week earlier, the yield on long bonds was 8.33 percent.
A week ago, the yield on the long bonds was 8.62 percent.
"That is making it hard for the long bond to fall below the 6 percent level," he said.
Only a month ago the yield on the long bond had been 8.88 percent.
Thus, the long bond lost almost $12.50 on each $1,000 of face value, which is considered substantial.
But not so in the long bond, which is approaching 8 percent.
