John Spinello
John Spinello
coming developed israel premium safety saw weekend
A safety premium developed over the weekend with what we saw out of Israel and (Gaza) and what we didn't see coming out of Afghanistan and Pakistan.
bid flow investors last market picking starts tomorrow weak week yields
Investors are still picking up some paper. Yields were bid up last week (but) refunding starts tomorrow . . . the market may be weak going into the flow of supply.
inspire might negative point risk violent weak
The risk at this point is that we get a weak payrolls number. If we get a negative number, that might inspire some pretty violent short-covering.
bid event market people time
Right now, the market is well bid and it will take time or some more significant event to make people want to sell.
bond seeing selling
There's not a lot of activity, but the bond was severely oversold (Friday) and without follow-through selling today, we're seeing some short-covering behavior.
area people perceive
That's been an area where people perceive value.
below flows further market morning perhaps selling stock today treasury
Today the flows have changed. We did see some selling this morning of the back end of the Treasury market and perhaps that's just a little disappointment that the stock market didn't go further below 10,000.
above auction basis came cost expect moderate percent points
The auction came in right at the market; there was moderate interest, nothing spectacular, but at 1.50 percent (50 basis points above the cost of carry) you can expect that.
activity greater percent program seeing swings volatility
The volatility that we're seeing is ... (because) greater than 50 percent of the activity is program trading. The swings are really violent.
fairly fed market quiet seen
It's been fairly quiet and we haven't seen a lot of buying; the market is getting positioned for the Fed on Wednesday.
buildings market office post senate talk
With the post office story and then the talk about the Senate office buildings being evacuated, sure, that got the market re-bid again.
buy economic landscape people ready willing
There's a re-evaluation of the economic landscape that makes people willing to sell, but there's not a lot of people ready to buy right now.
bad bonds concern dollar initially sold
I think initially there will be concern for the dollar and there will be uncertainty in stocks. It will not be so bad for bonds . . . Bonds have sold off so much.
core definitely focus higher inflation pressured prices speech turning
Greenspan's focus on inflation definitely pressured the market. It was definitely a speech on higher prices and about core inflation turning the corner.