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Strategies & Market Trends : Natural Resource Stocks
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To: isopatch who started this subject11/10/2003 2:55:56 PM
From: isopatch   of 108704
 
If you tape readers notice the drop in volume as if the

markets are waiting for something, you're right. The first leg of the Quarterly Treasury Refunding is today:

(quick rundown from Yahoo news this morning>

<8:38am ET - Treasury: the smaller $57 bln quarterly refunding begins today with an unchanged $24 bln of 3-year notes. The short end of the refunding is likely to catch most of the foreign demand. Smaller sizes should help the longer issues. Wednesday's $16 bln 5-year is $2 bln smaller than at the Aug refunding, $8 bln smaller than the Feb peak and the smallest since Feb '02. Thursday's $17 bln 10-year is $1 bln smaller than at the prior refunding and the smallest since the May '02 refunding. Only $24.7 bln ($44 bln in Aug refunding) is maturing on the mid-quarter settlement date which will obviously limit roll over and leaves larger net supply for the market to digest>
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