One major milestone in anyone’s market-watching journey is when they find out that “the close” (close of organization, closing bell, and so on) suggests various things to different people. If we consider electronic futures trading or cash trading in overseas markets, bonds are only really closed for 2 hours a day anyhow. But the market requires a standardized time to mark the day’s final prices/yields. For the majority of, that’s 3pm ET for Treasuries. For others, it’s 5pm ET or even 4:45 pm ET. Why speak about this now? Put simply, if you sign up with “Club 3pm,” then bonds are more powerful to start the day despite being weaker vs 5pm. None of the above is much more than market-watching trivia, however if you ever see commentary referencing strength or weak point vs the close in a way that doesn’t align with what you’re seeing, this might be why.
< img src="http://a.mbslive.net/assets/69b017649c7db45d09bce8ab/69b017649c7db45d09bce8ab.png" alt="20260310 open.png"/ >