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Strategies & Market Trends : January Effect 2003 -- Ignore unavailable to you. Want to Upgrade?

To: Londo who wrote (163)	2/24/2003 2:44:10 PM
From: RockyBalboa	Read Replies (1) \| Respond to of 666

Japanes debt trades as well (you can trade JGB futures), and a its steepness high compared to ´germany (but as far as in the US). With 0% MM yields you will find the 1.8 to 2% it trades less attactive for a short sale. It could collapse, of course if either the economy picks up steam and their liquidity trap ends, or the debt is downgraded a few notches. Anyway.. there's that same seller on the 30-year Tbond futures when it gets around the 114 level.. this kind of reminds me of a locked limit-up market.. What do you mean? Once the seller is cleared out it opens up 3 points or so? I guess ... Re. Euro debt. I'm not a big fan of Euro debt right now. Homemade problems, federal debt looming and well, brisk activity in new issues. There is one more rate cut left (MM rates to 2.25%) but then, I think its over. The FGBL (10y) closed at 116.49 looks like a new contract closing high and chartists call for 117.5 now. This equates the target yield of 3.75

To: Londo who wrote (163)	2/24/2003 7:39:23 PM
From: RockyBalboa	Respond to of 666

JGB Futures. Contract specs: tse.or.jp Note that the 10y has a wide range of deliverables, for more than the 10Y German has, which is between 8.5 and 10.1 years. This puts the avg. maturity at 7-8 Years. There is lots of discussion going on to revise the contract to make it more in line with newly issued bonds (see Consideration regarding specifications... to the right). It has a 6% coupon therefore reduction of the notional coupon is on the issue list. Conversion factors see: tse.or.jp The coupons on the JGB bonds have recently fallen below 1%, I have not been aware of that. The 5 years fetch below 1/2 %. The 20 years JGB are "dormant", they don't trade. It appears that we have no luck at IB with JGB futures,...