The short term picture in the bond market is clouded by trillions of carry trade, short the treasuries and buy ginnie mae, or short the yen bond and buy treasuries and what not. I think that the short term action (and the sharpness of the moves recently) are related to these bets getting out of control (like the LTCM bet at the time). I have no idea how to read the short term movements in that market. I only know that if these markets become "disordered" the equity market will also be destabilized in time. Early in AH also bailed of th PNRA position I have held for quite sometime from $41.80, sold at $41.37 for $.43 loss. Out at 66% cash.
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