David Ader
David Ader
absent backed buy emerged expected finally money near step supporting temporary view yields
The suspiciously absent real money buyers, that were expected to step in and buy as yields backed up, have finally emerged -- supporting our view that we are near a temporary floor.
above calling move numbers ugly yields
These are ugly numbers for bonds. I have been calling for 10-year yields to move back above 4.6 percent.
anxious buyers improved price yields
We're anxious fence-sitters. Yields are back to where we like them -- and we'll like them more if we see more buyers and improved price action.
bit curve excited flat further moved near open pancake year yields
While the curve has moved to flat as a pancake to a bit inverted and yields open the year near 4.38%, we are not excited about further inversion just yet.
benefit data extend gains impetus
Without the benefit of data or issuance, the impetus to extend those gains is limited.
bullish critical market people push rally short willing
Without more critical information, people are not going to be willing to push it. I don't think the market has been short enough or bullish enough to push this rally further.
amount enormous hit influence
We are getting hit with an enormous amount of supply. That is having an exaggerated influence.
given global insight monetary song swan
Given this is a swan song for Greenspan, I think it's going to be one more of these global topics. There will be very little if anything that will give us any insight into monetary policy.
action confuse endgame hands magnitude positions price square strong today
Today is about positions unwinding and we should not confuse price action with new, fundamental, information. When unwinds of magnitude take place, they have an endgame -- those positions will square and/or strong hands will dominate.
change figure framework plans provide semester trying
The suggestions provide framework of how to change our culture. We are going through semester plans and are trying to figure out how to use the suggestions.
anyone apparently failed hardly impressed momentum percent print rather seem
Does anyone seem impressed that tens got to 4.99 percent and failed to print a 5 percent handle? Apparently not. There was hardly a momentum rejection, rather a yawn.
ahead billion continue corporate estimates factor major next treasury weeks
Corporate issuance will continue to be a major factor (in the Treasury market) in the weeks ahead with estimates ranging from $40 billion to $60 billion over the next month.
news people sooner
This is big news. People sort-of thought it was inevitable, but it's still come sooner than many expected.
demand receiving
There are some receiving demand on the back of the supply.