NEW YORK (TheStreet) --The 10-Year yield hit a five-month high during early afternoon trading on Thursday. "This is on the back of course of weaker economic data reported this morning," CNBC's Sue Herrera reported during Thursday's "Fast Money Halftime Report."
"This is a big move right now. When you look at the 10-Year futures, you'll see that they broke below the 200-day moving average, which comes in at $129.14 so if we can settle below that, there's more room to the downside," GRZ ENERGY founder and President Anthony Grisanti said.
The next level of resistance is $1.87 to $1.89 and because he does not think the Fed will raise interest rates in November, yields will continue to move higher, he added.
Path Trading Partners chief market strategist Bob Iaccino explained why he would be a buyer of the 10-Year at these current levels.
"When you talk about 10-Year notes you have to look at yield. The break above $1.79 and subsequent to move to where we are now, is a breakout. But, there is a lot to get through. We're not even at the trailing 12-month high in yields," he explained.
Moreover, when looking back 12 months, the last time the Fed hiked rates, the level of the 10-Year was about $1.97.
"So there's definitely room for it to grow but I'd rather take a shot at the long side here," Iaccino noted.