Archive for the ‘Uncategorized’ Category

Administrative Note

Wednesday, July 23rd, 2014

Blogging will be light until July 30th and will mostly consist of stuff that I can cut and paste. See you in a week. JJJ

Re Existing Home Sales

Tuesday, July 22nd, 2014

Via TDSecurities: Existing home sales continued to rebound in June, rising 2.6% to 5.04M – the strongest pace of sales in 9 months. Gains in the existing home sales data came in both the single family and more volatile multi-family sectors, rising 2.5% and 3.4%, respectively. Stronger sales helped keep months’ ...

Corporate Bonds

Tuesday, July 22nd, 2014

Corporate bond spreads have recouped the widening which occurred yesterday on geopolitical fears spawned in Ukraine and Gaza. Yesterday they were wider by one basis points to two basis points. Citibank is selling a benchmark sized 5 year note. Initial Price Talk (IPT for aficionados) is +95. One market participant anticipates ...

Economic Data Headlines

Tuesday, July 22nd, 2014

Via CRT Capital: * RICHMOND FED MANUFACTURING INDEX FOR JULY 7, EST. 5 -- new orders steady 5, -- employees gains to 13 vs. 4 -- work week dips to 3 vs 5 -- wages gain to 16 vs 12 -- both prices paid and received gain ** JUNE EXISTING HOME SALES RISE 2.6% TO 5.04 MLN ...

JPM Duration Survey

Tuesday, July 22nd, 2014

This time it is via Bloomberg so it should be OK. Once again I apologize for a significant error earlier. Via Bloomberg: By Robert Elson July 22 (Bloomberg) -- The JPMorgan Treasury Client Survey for the week ended July 21 vs week ended July 14. * Longs 15 vs 11 * Neutrals 45 vs 49 * Shorts ...

What to Watch For Today

Tuesday, July 22nd, 2014

Via the good folks at Bloomberg: WHAT TO WATCH: * (All times New York) Economic Data * 8:30am: CPI m/m, June, est. 0.3% (prior 0.4%) * CPI Ex Food and Energy m/m, June, est. 0.2% (prior 0.3%) * CPI y/y, June, est. 2.1% (prior 2.1%) * CPI Ex Food and Energy y/y, June, est. 2% (prior 2%) * ...

Mea Maxima Culpa

Tuesday, July 22nd, 2014

I sent the wrong JPM survey. I have taken it down from the blog and deeply apologize for the error. That is the most egregious mistake of round two of my blogging career.

Can Putin Survive?

Tuesday, July 22nd, 2014

This is a long piece from Stratfor on the machinations which might be happening behind the scenes in the Kremlin following the downing of the Malaysian plane. The author suggests that the diplomatic disaster which has ensued might unravel the basis for Putin's power and might lead to a palace ...

July 22 2014 Opening

Tuesday, July 22nd, 2014

Prices of Treasury coupon securities retreated in overnight trading. The world is still quite fragile with serious problems persisting in Ukraine and Gaza but for the moment there is a modicum of stability in the air and that stability sucked some of the air from risk averse assets. In contrast ...

Recap of Cresit Trading Yesterday

Tuesday, July 22nd, 2014

Via the good folks at Bloomberg: IG CREDIT: 2015 Maturities Led Trading; NEDWBK Set to Price 2014-07-22 09:48:28.545 GMT By Robert Elson July 22 (Bloomberg) -- The final Trace count for secondary trading was $10.5b vs $9.7b Friday and $9.3b the previous Monday. 144a trading added another $1.4b of IG volume. * 10-DMA at $11.2b; 10-DMA of ...