Delayed Steal

April 30th, 2014 11:43 am | by John Jansen |

I think the yield curve flattening (5s 30s now 176ish versus 178 ish earlier) is a little like a delayed steal in baseball. We had a brief rally following GDP and then the market just sat in one spot for awhile. One trader thought that the street was comfortable selling the back end as we entered the week and if several retail buyers emerged those shorts would be at risk of depleting bonus pools. The same trader noted the JPM survey which still had a large short component among active accounts. Finally another traded cited month end and some index related buying which would emerge this afternoon.

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