Archive for October, 2014
Wednesday, October 15th, 2014
Via a fully paid up subscriber
October 14, 2014
· In the all clients survey, the percent of longs increased by 4, the percent of neutrals increased by 3, and the percent of shorts decreased by 7
· The all clients survey shows the fewest net shorts since April 7, 2014
· The active ...
Posted in Uncategorized | Comments Off on JPM Duration Survey
Wednesday, October 15th, 2014
Spreads are widening in the PIGS. The 10 year in Greece is the big mover as it is 67 wider to Treasuries a few minutes ago. Portugal and Spain are each about 7 basis points wider. I watch 10 year Spain (because I can observe it on a WSJ page) ...
Posted in Uncategorized | Comments Off on PIGS Redux
Wednesday, October 15th, 2014
I just marked 2s 5s 10s at 27.7. In the moments prior to Ms Yellen's inaugural presser on March 19 that spread was 9.5 and following her "six month" faux pas the spread quickly moved to 26 and then settled for a while into a trading range between 20 and ...
Posted in Uncategorized | Comments Off on Belly Richens
Wednesday, October 15th, 2014
Via Bloomberg:
* USTs pared their gains as U.S. stocks rebounded; still, 2Y
yield closed below its 200-DMA for first time since May 27,
3Y for first time since March 3; 5Y-30Y yields declined to
YTD lows
Posted in Uncategorized | Comments Off on Factoid
Wednesday, October 15th, 2014
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
Economic Data
* 7:00am: MBA Mortgage Applications, Oct. 10 (prior 3.8%)
* 8:30am: Empire Manufacturing, Oct., est. 20.25 (prior 27.54)
* 8:30am: Retail Sales Advance m/m, Sept., est. -0.1% (prior
0.6%)
* Retail Sales Ex Auto, est. 0.2% (prior 0.3%)
* Retail Sales Ex Auto and Gas, est. 0.4% ...
Posted in Uncategorized | Comments Off on What to Watch for Today
Wednesday, October 15th, 2014
Via Marc Chandler at brown Brothers Harriman:
Oil Prices Continue to Drop
- Oil prices continue to collapse
- UK unemployment rate fell to the lowest level in six years
- Chinese inflation continues to moderate. September CPI came in at 1.6% y/y, down from 2.0% in August
- Brazil and South Africa report retail ...
Posted in Uncategorized | Comments Off on FX
Wednesday, October 15th, 2014
This offering in Australia weighed a bit on the back end:
Via the Herald Sun
THE Australian government has sold $7 billion of a new line of April 21, 2037 Treasury bonds.
THE Australian Office of Financial Management said the bonds were priced at a yield to maturity of 3.945 per cent.
That ...
Posted in Uncategorized | Comments Off on Long Bond in Australia
Wednesday, October 15th, 2014
Via Bloomberg:
IG CREDIT: Client Flows Led Active Issues; DAIL Perp Expected
2014-10-15 09:44:38.742 GMT
By Robert Elson
Oct. 15 (Bloomberg) -- The final Trace count for secondary
trading was $12.2b vs $9.6b Friday and $16.2b the previous
Tuesday. 10-DMA $14.2b; 10-DMA of only Tuesday sessions $13.7b.
* 144a trading added another $1.8b of IG volume
* AXP ...
Posted in Uncategorized | Comments Off on Seconday Market Trading of Corporate Bonds
Wednesday, October 15th, 2014
I left this out of my previous post . Real money Japanese investors bought 10 years and 10 year spread product. Central banks sold 3s through 5s.
Oil refuses to recover and is off about $1.
Posted in Uncategorized | Comments Off on Flows
Wednesday, October 15th, 2014
Prices of Treasury coupon securities are registering modest gains in overnight trading. The belly of the yield curve is the best performing sector as investors anticipate that rate hikes from the US central bank are a dream deferred. The yield on the 5 year note has tumbled to 1.435 from ...
Posted in Uncategorized | Comments Off on October 15 2013 Opening