At 4AM the markets hockey sticked higher - I was not up but my 15 minute chart was tracking all the action so I could wake up and take a look when the market inflation team started buying futures...I suppose the bullish flavor of today would be??? Im open to suggestions - Im not sure should it be the pounding of the UKs currency? The fact that the market is being led by IPODs and commodities....oy vey - dont get me started.
1120 acted as major resistance in the past for this market and thats where the futures are "trading" this morning - could be a rejection point butmore than likely the algos will start selling dollars and keep buying futures even though we have rallied 80 SPU points in almost a straight line.
In other news BAC is auctioning off its TARP warrants this morning - should be lots of activity in that stock and its options --could smush volatility even more.
Food for thought - why at the same time as 6 month bills yield last than 1/10th of 1% does Verizon yield almost 7%?? Risk aversion?? I have to say that Verizons balance sheet is a heck of a lot better looking than the US governments right now.....
JB
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