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Hearing chrysler to px late morning. We're expecting both a swap bid + rate
lock unwind, there will be strength b/c of the deal, but I figure we'll
probably fade that strength once it hits the tapes.
Hearing about hedge funds buying cash 2s + the belly, as well as bond
futures, but nothing specific.
Also heard a money manager (no names - don't start an unnecessary pimco
rumor) sold cash 5s at -26.
Feeling a lot - but not all - of today's strength is short covering, tough
to go much higher from here. I'd give it a little more than that just b/c
of chrysler, but like I said fade that strength.
Any feedback is always welcome -
mike
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