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.
More Quotes from John Spinello:
Inventory rebuilding may have begun, with inventories up for the first time in many months. It's probably an indication that you're leaning toward a higher GDP and another sign of the recovery.John Spinello
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.
John Spinello
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.
John Spinello
Greenspan's focus on inflation definitely pressured the market. It was definitely a speech on higher prices and about core inflation turning the corner.
John Spinello
The chain stores sales data is coming in a little bit weak and oil prices are up. That's positive for the bond market, negative for the economy.
John Spinello
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.
John Spinello
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