This is one of those days where the bond market and oil have teamed up against equities, and for the first time in a while, equity bulls are on the defensive. Have a look at my updated daily chart analytics of 10-year yield.  This morning's stronger-than-expected jobs data has popped the yield ont he 10-year note to a four-month high near 4.40%.  It's likely on the way to my next optimal target zone of 4.50%.  Only a break below 4.28% will argue that the current upleg is complete.

MJP 8/5/05

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Mike Paulenoff is a 25-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his E-mini S&P and QQQQ technical analysis and trading alerts. For more of Mike Paulenoff, sign up for a FREE 30-Day Trial to his E-Mini/Index Futures diary, or try his QQQ Trading Diary.