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I think they were looking for a way to drive down the long end of the yield
curve and managed to do it beautifully. The open interest in the futures is
huge and as someone here already pointed out, all those shorts are going to
have to be covered. My chart work in equities (e.g. SP weekly posted this
weekend) has already been suggesting some pending strength. I have a feeling
that this move is going to add to that strength.
Earl
----- Original Message -----
From: "Dorothy K. Carter" <dorothy.carter@xxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Wednesday, October 31, 2001 1:26 PM
Subject: Re: [RT] Re: 12/19 and bonds
> The timing of the announcement was because they were waiting for the
> officials to be sworn into office... so that's why today... I heard
> ----- Original Message -----
> From: <chrischeatham@xxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Wednesday, October 31, 2001 3:21 PM
> Subject: [RT] Re: 12/19 and bonds
>
>
> > Interesting. Just thinking of the "surprise" 10 year auction done by
> > Treasury a few weeks back done to take pressure off the repo market.
> > Now lets see what they do when there are inbalances of their own
> > creation. I guess the good news is that they did it a couple of
> > months early. This Treasury is turning into much more of a trader
> > than I gave them credit for.
> >
> > Chris
> >
> >
> > --- In realtraders@xxxx, bruce.larson@xxxx wrote:
> > > Another poster here and I both agreed a while back the bond would
> > top
> > > out on Dec 19. December 19 is the last trade and delivery deadline
> > > for December futures. There's going to be one heck of a mad
> > scramble
> > > when all the bond longs demand delivery come December. Who's going
> > > to give'em up? Just watch. Its going to get real interesting. In
> > > fact, I wouldn't be surprised if the exchange has to come in to
> > alter
> > > the rules. They did it for the German bobl contract in the mid 90s
> > > when there was a big squeeze and the shorts couldn't deliver.
> > > 30 year UK gilts are at 4.3 vs 4.5 for UK ten years. Could be a
> > good
> > > proxy for things to come in the US.
> >
> >
> >
> > To unsubscribe from this group, send an email to:
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> >
> >
> >
> > Your use of Yahoo! Groups is subject to
http://docs.yahoo.com/info/terms/
> >
>
>
>
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