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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Oblomov who wrote (41808)11/29/2000 1:14:13 PM
From: Lymond   of 436258
 
Um, not really. Double-A corporate spreads did rebound off the wides in late October, but have been drifting out again over the past 2-3 weeks. And certain groups in the single-A area have recently been blasted, particularly financials, autos and telecoms.

Agencies have fared the best, out only 4-5 bps from their recent tights earlier in the month.

Re: the curve, 2s/30s has steepened a good bit in the past few days, but has yet to decisively break out of the range in place since mid September.

I suspect banks are bouncing here owing to some short covering and rotation out of tech. BKX is a good short here, IMO.
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