Anybody see the carnage in US Govt bonds today?? The stock market is to stupid to see the ramifications of this insane healthcare reform bill but the bond market saw it and exit left was the move. Treasuries got smoked for 2 full points today - all we do is issue new debt week in week out - and tax revenue is going down so people got nervous about a fiscal crisis and sold - the stock "market" took it quite well posting a 50 point decline for the Dow, what us worry. Tonight the SPUZ are getting an early jump on tomorrow and are rallying by a point or so....why the natural inclination is to buy em when the bond market is under serious stress Il never know. I think at this point the stock "market" has become an experiment for the fed and Goldman to see just how far they can push it, how many traders they can put out of business, how many people they can suck in - did anybody see todays housing numbers?? They were HORRID..total garbage and yet housing stocks rallied....now that might be understandable 70% ago in the market but up here?? Oh well...
JPM issues a new 7% preferred tonight - the offering sold out in 5 minutes...I bought some of it.
JB
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