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The Brazilian Wax

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And then this one time, at band camp, Fitch cut Brazil's foreign currency debt rating! This is, of course, is in front of the pending electoral runoff so the chatter will likely get louder as we edge towards this weekend's vote. Talk about three sheets to the wind, Ma'am, somebody tell Stiffler's mom!

Shifting our attention back to our homeland, treasury's came for sale and (shocker) the equity tape got a bit of a lift. As discussed, bonds really aren't my bag, baby, but I have been monitoring their price action as a tell for our tape. We spoke of the "structural" implications of asset allocation this morning and it feels like that continues to be in play. I am not gaming it, mind you, but I am certainly monitoring it. It must be that time of year...there are Bonds everywhere!

The internals continue to be skewed 3:2 in favor of the sellers but the futures buying is pulling up the individual names. We're not seeing much in the way of flows, as the cash desks are relatively quiet (marginally better for sale) and the action is on the program side. It's always difficult to game this type of action (futures led), but we can always try to read the tea leaves-and the biggest leaf right now is the government bond market.

The financials are starting to test our upside levels again but other than that, it's deathly quiet and I'm anxiously awaiting my chicken noodle soup. This is no time to be sick and I'm quite aware that there's much work to, so I'm fighting it off best I can. Hey, maybe if I have the flu I won't have to go in for the quadruple wisdom yank Friday.

Ya think?



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