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

To: RockyBalboa who wrote (376)	4/23/2003 10:17:44 AM
From: RockyBalboa	Respond to of 666

Just got out of the TSY at 7 & 6/32.

To: RockyBalboa who wrote (376)	4/23/2003 11:24:14 AM
From: Londo	Read Replies (1) \| Respond to of 666

The largest bid or ask size I ever saw on the ZB's was 1100 contracts. This was 'defeated' today by a 2011 contract bid at 112 2/32. Who is stupid enough to show such size? That's a notional value of 22 billion!! It's been my experience that such large size will get eaten through and we'll see at least 110 30/32, whiich is where I'll cover one TBond short position. I'm getting apprehenisve, but I'll also note that volatility is up, and if I was long (which I am!) I'm rather nervous. This means I should stay in, but I'm reducing positions. I'll also sell an S&P (reducing my long exposure) at 913.00 (done deal already). I'm still short treasuries/long S&P, but with reduced exposures. But my short treasuries position is the one making me nervous more than the S&P.