Archive - Apr 2009 - Story

Interesting to note is that the MACD for the recent rally has finally turned negative.

Interesting to note is that the MACD for the recent rally has finally turned negative.

Developing Story: Allegedly the "gradation release" will be "essential" for clarity on the stress tests.

In other news, Obama has 100% confidence in Bernanke. Zero Hedge is starting a list of all the people Obama loves more than life itself: members so far 1) Tim Geithner, 2) Steve Rattner, 3) Ben Bernanke.

Things for the Treasury sure aren't looking pretty. With the 10 year about to break 3% outright, the 2s10s chart has just passed pre-Quantitative Easing levels. With Treasury supply really starting to ramp up, this could be a bad sign for agencies and mortgage rates. This happens as the TIPS auction is largely oversubscribed. Seems that the market is happy to jump over the next 2-3 years of deflation and is looking straight at 2013.

Things for the Treasury sure aren't looking pretty. With the 10 year about to break 3% outright, the 2s10s chart has just passed pre-Quantitative Easing levels. With Treasury supply really starting to ramp up, this could be a bad sign for agencies and mortgage rates. This happens as the TIPS auction is largely oversubscribed. Seems that the market is happy to jump over the next 2-3 years of deflation and is looking straight at 2013.

The NY Post is speculating that Vikram's days at the helm of Citi may be at an end.

The NY Post is speculating that Vikram's days at the helm of Citi may be at an end.

As everyone is claiming that that "big" funds are rushing to throw their money into the market, it is useful to see what the largest U.S. public pension fund manager did in Q1. The result: in its top 20 positions, CalPERS sold out on average 13.85% of its holdings. Guess one would have to look elsewhere to find the source of all the "institutional" buying.

I previously disclosed GGP's extensive intertwined nature within the CMBS universe and considered some of the adverse CMBS implications as a result of bankruptcy remote SPEs being thrown into chapter 11 by GGP LP.

I previously disclosed GGP's extensive intertwined nature within the CMBS universe and considered some of the adverse CMBS implications as a result of bankruptcy remote SPEs being thrown into chapter 11 by GGP LP.

• Morgan Stanley considers spinning off trading desk, including PDT/quant group (WSJ)
• Jonathan Weil: Wall Street's 1923 scams return in Geithner plan (Bloomberg)
  

Spreads were tighter in the US today as all the indices improved. Indices typically underperformed single-names with skews mostly narrower as IG underperformed but narrowed the skew, HVOL underperformed but narrowed the skew, ExHVOL intrinsics beat and narrowed the skew, XO underperformed but compressed the skew, and HY outperformed but narrowed the skew.

Presented without commentary

Treasury Department Issues Emergency Recall Of All US Dollars

Presented without commentary

Treasury Department Issues Emergency Recall Of All US Dollars

Developing story out of the NYT.

The Treasury Department is preparing a Chapter 11 bankruptcy filing for Chrysler that could come as soon as next week, people with direct knowledge of the action said Thursday.