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Bond Markets Moderately Improved, Facing Tough Resistance
Posted to: Micro News
Tuesday, January 29, 2013 10:38 AM

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Bond markets began the overnight session with a "risk-on" move during Asian hours as both Treasury yields and equities futures moved back towards Monday morning levels. 10's never went over 1.99 though, and began easing gently lower into domestic hours, helped along by a bit of a "risk-off" move during European hours.

This got MBS and Treasuries in the door just barely in the green and though we slipped back briefly into the red, the weakness was short-lived. That said, there hasn't been a triumphant romp back into stronger territory either... Fannie 3.0s are up 2 ticks at 103-16 and 10yr yields down half a bp at 1.9696.

Consumer Confidence was much weaker-than-expected, but has had minimal impact outside some volatility in equities. Perhaps markets are willing to discount the data as greatly affected by payroll tax changes (this is suggested in the report itself).

Whatever the case, it's disconcerting to see trading levels shy away from resistance levels so far this morning as they mark noticeable pivot points with Friday's weakest levels (MBS were a bit weaker on Friday afternoon, but they had wilted quite a bit vs TSYs into the weekend, and there was a prominent low at 103-18 in the morning, now today's high).

So we'll keep a close eye on these pivot points (103-18 in MBS and 1.95 in 10yr yields for the rest of the session. Scheduled Fed QE4 buying is going on at the moment and the 5yr Auction results hit at 1pm. The green is good, but the absence of a break through the aforementioned resistance levels is a bit ominous so far. Stay on guard.




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