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Pastimes : All Clowns Must Be Destroyed
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To: pater tenebrarum who wrote (34875)5/23/2000 5:59:00 PM
From: Lymond  Read Replies (1) of 42523
 
Heinz, agencies were marked down at the open -- by about 5-7 bp -- on the Greenspan critique news in the WSJ. However, they snapped back in short order and closed around +120 in 10s, just 2 wider than yesterday's close. Your surmise is correct that there were very few flows at the quoted wides this AM.

Spreads overall have actually held in better over the past few days than I would have thought given the obvious distress in never-never land. Probably owes to the continued relative resiliency away from the Nasdaq (even though Dow and S&P closed below their 200 MDAs.)

Of course, we had already taken a lot of damage. Then again, if things are ugly tomorrow, as I suspect they will be, spreads will probably come under renewed pressure.

Regards, John
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