The stock market has come down some since Ben Bernanke began speaking. Rates are also moderating but still holding at the 3.15% level. While it is still early in the day, we can see the development of a potential move tomorrow.
If the chart pattern remains similar to how it appears now, we can expect that tomorrow, we will have a three-day test of the highs. I suspect that rates will surge through to higher levels and may take some action to play this potential move. Should we not make a new high on the move, rates might fall back, perhaps to the 3.04% level I had seen at the beginning of the week.