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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: yard_man who wrote (5994)1/23/2004 2:39:45 PM
From: mishedlo  Read Replies (2) of 110194
 
From Briefing.com

12:36 Bond Market Update

Treasuries had been strong throughout the day, remaining well bid on foreign central bank treasury instrument interest, continued expected easy Fed policy and complete disregard for technical barriers. The rug was whipped out from under the market however, when Reuters reported that the Euro-zone representatives heading to the G7 meeting would be open to cutting rates. The strong euro has been a non-stop talking point for months but lately the protest from European Central Bank officials seemed to have mellowed. As we pointed out in the earlier update, the thing this market had to be wary of was "any commentary from US officials (Snow is out in public today) as well as Euro-leaders, whose relatively laid back approach to euro-currency gains is raising some eyebrows across the pond." Once the sharks smelled blood, specifically those who had been salivating to sell at these extremely high price levels, they came in selling with both hands. The caution now is that this resilient as-all-get-out market will snap back, catch the day's shorts, and spin back up to unchanged. Tens are currently -22/32nds yielding 4.037% and thirties are -1 05/32nds yielding 4.917%. Twos are -02/32nds yielding 1.635%; threes are -04/32nds yielding 2.076%; fives are -10/32nds yielding 3.004%.
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Oddly enough - eurodollars acted OPPOSITE as to what would happen if Europe cuts.

M
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