Trading Desk Bond Market Commentary
Looks like the market does not like the massive flattening we discussed over the past two days. To wit, we present market commentary from a trading desk, appropriately titled "dead cat" bounce: "Another "dead cat" bounce in the Treasury complex as prices are now sitting just above session lows. Additionally, while still outperforming, 30yrs are starting to feel some of the heat. The curve remains mixed depending on what your long end maturity is. Real money remains quiet aside from some light nibbling. Fast/pro/dealer accounts continue their defensive trade and remain in control. Techs are negative but cautious due to oversold conditions."