Brent Nyitray
Fairlington Blade
Let the mutherfuker burn!
jnc4p
Kevin S. Willis
Michigoose
lmsinca
markinaustin
Arcanaut
novahockey
quarterback
ScottC
yellojktVital Statistics:
| Last | Change | Percent | |
| S&P Futures | 1398.0 | 10.0 | 0.7% |
| Eurostoxx Index | 2392.54 | 19.24 | .8% |
| Oil (WTI) | 100.31 | -1.35 | -1.33% |
| LIBOR | 0.4692 | 0.000 | 0.00% |
| US Dollar Index (DXY) | 80.046 | 0.268 | 0.34% |
| 10 Year Govt Bond Yield | 2.055% | -0.105% | |
| RPX Composite Real Estate Index | 170.92 | 0.3 |
Almost all markets are closed today except for the USD fixed income market, so all Vital Statistics numbers are actually from yesterday’s close, except for the the 10y treasury yield.
Labor statistics came out this morning at 8:30. Change in non-farm payrolls came in at a very disappointing 120k (205k expected) with only a minor revision upward for last month, up 13k to 240k. Manufacturing jobs were up 37k, higher than expected (20k), and the unemployment rate fell again to 8.2% from last month’s 8.3%. But overall the numbers were very disappointing, which was reflected in the reaction of the only market open for trading.
Interesting price action on the treasuries right before today’s employment data came out. After closing yesterday at a yield of around 2.17%, the 10yr note hit 2.24% about 2 minutes before the numbers were released, and then with the disappointing employment data, the market rallied tremendously, and is now at 2.05%. The markets are somewhat illiquid with Europe on holiday and even a lot of the US market taking Good Friday off, so that can explain some of the large movement. Not a lot of people around to cover the large amount of buying after the number. But still the market seems to be hoping for, and betting on, some form of QE III, despite the minutes from last month’s Fed meeting ostensibly quelling that possibilty.
Futures markets close in about 5 minutes (11:15 EST) and the bonds will close by 1pm. So the day is pretty much over now. Europe is closed on Monday as well, so it will be interesting to see how the Euroean markets react on Tuesday to the violent move in US after a 4 day layoff. But Sunday night in Asia and then Monday morning should give us some idea if this rally is a bit overdone or if the market really is intent on seeing sub 2.00% yields again on the 10yr.
Happy Easter and Happy Passover to all who celebrate those things. To the rest…it’s looking like golfing weather is finally here.
Filed under: Morning Report |
All Things in Moderation 
The part I found troubling was the increased number of part timers going full time. Normally, that would be great news, but alongside the small jobs increase, it says to me at least that employers are still not seeing big improvement in the economy and so are hedging against hiring.
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It’s hard not to think we’re just bouncing along the bottom. My perception stagnation and inflation.
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Happy Easter and Happy Passover to all who celebrate those things. To the rest…it’s looking like golfing weather is finally here.
And swimming, don’t forget swimming………………………..I.cannot.wait.
Second Easter and Passover greetings to everyone. I don’t discuss religion very often because I’m never really sure that I believe in anything other than Grace. But I do go to church (several actually) once or twice a month. One of my favorite churches (non-denominational) does a sunrise service once a month and every Easter, so that’s where I’ll be Sunday morning full of questions and amazement I presume. This year my husband’s actually going with me. He hasn’t said why but I suspect, even though it’s not even remotely close to being true, he thought he might lose me a couple of times this year (I’m totally fine) and I imagine he made a deal with God and wants to thank Him………………….lol
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lms:
A happy bouncy holiday to you too.
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