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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: Lucretius who wrote (39364)5/7/1999 8:29:00 AM
From: John Pitera  Read Replies (2) of 86076
 
The Bond Market has had trend reversals on recent Unemployment numbers
I suspect that this will happen again today ...as the street is probably to short...

From Briefing.com:

The June T-bond quickly fell through a number of crucial support levels,
most notably, 119-09, the 11-month low seen on 3/4. While some
short-covering helped the market push off its lows for the session, selling
pressure resumed in afternoon trading, as players were seen paring long
positions amid talk of a robust April Employment Report.
After falling as low as 118-16, the June T-bond closed 37 ticks lower at
118-23, while the cash market saw yields rise to their highest levels since
late last May. While sources told us that such a move turned chart patterns
extremely negative, recent employment report days have coincided with near
term trend reversals. The last two employment report days were both
followed by market rallies.
The 2/30 spread was little changed at 62.4 bp. Despite some better selling in
the front end amid hedge fund unwinds, the curve was little changed as
inflation concerns weighed on the long end. Not surprisingly, the intermediate
sector continued to underperform.
Volume remained on the light side at $58 bln on GovPX.



PS: and I'm going to put GPS when it's down 7........ dream on
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