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Further selling has been observed in the long end of the yield curve....pushing the 10 yr TSY note to an intraday high of 3.70%. Two attempts to recover losses and return to status quo have FAILED and prices of rate sheet influential MBS coupons have made a new low of 99-24.... REPRICES FOR THE WORSE...
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Beyond stop out selling...activity in the 10 yr TSY note has been somewhat subdued today. Here is a chart of the 10 yr Sept. Futures contract. Notice the first volume spikes as data was printed and then the second as stop out levels were reached....these are "STOP LOSS" levels set by traders...
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Interesting morning we've had.... Late comer rally chasers rejoiced this morning as stocks finally broke out of the stubborn sideways range they have been stuck in all week. The S&P is up 1.72% at 991, the Dow is 1.58% to 9213, and the flash order friendly NASDAQ is up 1.37% at 1194....ALL MAKING...
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The S&P has broken out from its recent 970-980 range and is looking to test 1000.... Although many might expect this to cause chaos in the TSY market as portfolio allocations favor riskier stocks....the 10 yr is holding steady near 3.70%. Unfortunately "rate sheet influential" MBS coupons...
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The S&P, Dow, and NASDAQ have all opened to the upside. As stocks futures ticked higher this morning, the long end of the yield curve (TSYs) began to show weakness and yields are moving higher. Currently the 10 yr TSY note yield is trading over 3.55 support...testing 3.60. Consequently, FN 4.5 current...