Archive for December, 2013
Wednesday, December 11th, 2013
I thought this was funny. You need to view the well circulated photo of our President and the Cuban dictator shaking hands and then slide down to the text below. It is via a University of Pennsylvania linguistics professor who has a blog with some similarly funny stuff.
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Wednesday, December 11th, 2013
Economic forecasting firm Action Economics in a morning note to clients posted some key levels to watch on the Euro currency. The firm notes that there are chunky options expirations over the next week at levels between 1.3790 and 1.3810. If we can breach that area on the charts,then the ...
Posted in Uncategorized | Comments Off on FX Note
Wednesday, December 11th, 2013
Here is another Merrill Lynch research piece. This one covers the Volcker rule and says that it is not as bad as it could have been and dealers have some small amount of wiggle room. I did a cut and paste and it did not come out as expected but ...
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Wednesday, December 11th, 2013
Merrill Lynch research suggests that post Thanksgiving spending was robust . The firm has some proprietary (I guess I can still use that word when I write without the thought police shutting me down) gauge which tracks credit card spending. Here is the pice from Merrill.
Via Merrill Lynch:
Focus on shopping. ...
Posted in Uncategorized | Comments Off on Notes on Consumer Spending
Wednesday, December 11th, 2013
Prices of Treasury coupon securities are manifesting small and very mixed changes in overnight trading. The overnight news is mixed,too. Asian equities tumbled with healthy declines in China, Japan and Australia. China stocks declined on fears that planners would reduce growth targets. Stocks in Japan declined as the Yen recovered ...
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Tuesday, December 10th, 2013
This might be slightly aged as far as the price changes go because I have been acting in my role as a grandfather today. As of about 30 minutes ago MBS were besting Treasuries by about 4 ticks. The 5 year Treasury is better by about 4 ticks and the ...
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Tuesday, December 10th, 2013
The US Treasury will offer $30 billion 3 year notes at 100PM today. Dealers note robust buying of 3 1/2 year through 4 year paper in recent weeks by an eclectic group of clients (hedge funds, money managers and central banks). That is a sweet spot on the curve and ...
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Tuesday, December 10th, 2013
JPM Treasury Client Survey, 2nd December 2013
All Clients
Date Long Neutral Short Changes
12/9 13 66 21 6
12/2 13 64 23 13
11/25 21 60 19 11
11/18 26 55 19 19
Actives
Date Long Neutral Short Changes
12/9 8 69 23 15
12/2 8 54 38 31
11/25 23 46 31 15
11/18 39 38 23 38
In the All ...
Posted in Uncategorized | Comments Off on Weekly JPM Survey
Tuesday, December 10th, 2013
There is a beautiful winter snow storm outside my window here at the sprawling and palatial complex which is Acrossthecurve.com global headquarters. There is also a perfect storm swirling in the Treasury market as the price action is neutering the shorts.
In my early morning post I wrote that there was ...
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Tuesday, December 10th, 2013
Merrill Lynch research has an interesting post based on data in the Flow of Funds report from the Federal Reserve yesterday. The report notes that in Q3 investors rolled out of equities and back into bonds. The analyst cites higher rates and out performance of equities as the principal catalyst.
Via ...
Posted in Uncategorized | Comments Off on Rotation