Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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From: Haim R. Branisteanu	4/7/2010 3:35:17 PM
	of 74559

US TSYS/RECAP: Tsys rallied hard Wed on 1) a very strong $21B 10Y reopening auction; and 2) post-auction relief buying by fast money, real money accounts (real money accounts deemed to buy much of day); 3) Wild day sees strong 10Y auction (US,Asia/China/Jpn foreign bid talked); 4) Tsys rallied as fast money rushed to cover shorts as positioned for a weak auction, but 10Y reopening auction drew 3.90% high yield (3.3 bps thru), 43.11% indirects, 16.32% directs, and 3.72 bid/cover; bid/cover strongest in at least 10 years. 5) 10Y yld hit day's high at 9:03 am ET of roughly 3.968%; but as rally continues, cash 10Y yield at 3.863%; 6) Accts bought Tsys too cash 10Y yield went below 3.92%; 7) Leveraged accts bought 10Y cash notes at 98 even; strong buying of long end ahead of and after 10Y sale; 8) flatteners midday/early p.m.: earlier sale of 2,500 Jun 5Y Tsys at 114-09.5 vs. buying of 1,000 June 30Y bond futures at 114-22; followed by sale of 2,000 sales in June 5Y at 114-10 vs. buy 1,200 Jun 10Y at 115-14.5. 9) some sold MBS/bought Tsys 10Y post-auction Provided by: Market News International

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