Posted on 07/09/2009 6:14:20 AM PDT by fiscon1
The markets were relatively mild up until the last couple hours. The most market shaking event came in the bond market. The three year auction went off spectacularly well. It caused all bonds to improve dramatically. The Ten Year U.S. Treasury, for instance, wound up losing fifteen basis points to 3.29%. Now, mortgage rates are also again below 5.5% on the 30 year mortgage. Oil was down nearly two dollars a barrel as well falling near $60 per barrel. Equities were down most of the day before pulling out of it with both the Dow and the NASDAQ up slightly while the S&P was down marginally. Alcoa came out with much better than expected numbers coming in with loss of 26 cents a share while the consensus was 38 cents a share in losses.
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China buying again or the Fed?
I don’t know but I doubt the Chinese are buying again. I would guess it’s the Fed though no one will know until they are audited. I think some of this is also due to economic weakness.
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