Global Correction

[Naam]

Fed funds rate as of Jan 29 = 3.5% 10 yr bond yield = 3.65%

for the astute among you (not highdiver), do you see a problem? IF the FOMC cuts to 3% tomorrow the 10 yr could jump to around 4.20%, that would be a big boo boo, the inversion would be much worse.....fed cannot control the bond market

i can see one huge big boo boo 10-Year 4.250 104-20+ / 3.68 -0-00+ / .001 16:39

and today we are back to "boo boo²":

10-Year 4.250 11/15/2017 104-27+ / 3.65 0-04 / -.015 05:36

[highdiver]

Fed funds rate as of Jan 29 = 3.5% 10 yr bond yield = 3.65%

for the astute among you (not highdiver), do you see a problem? IF the FOMC cuts to 3% tomorrow the 10 yr could jump to around 4.20%, that would be a big boo boo, the inversion would be much worse.....fed cannot control the bond market

i can see one huge big boo boo 10-Year 4.250 104-20+ / 3.68 -0-00+ / .001 16:39

and today we are back to "boo boo²":

10-Year 4.250 11/15/2017 104-27+ / 3.65 0-04 / -.015 05:36

[lannarebirth]

Fed funds rate as of Jan 29 = 3.5% 10 yr bond yield = 3.65%

for the astute among you (not highdiver), do you see a problem? IF the FOMC cuts to 3% tomorrow the 10 yr could jump to around 4.20%, that would be a big boo boo, the inversion would be much worse.....fed cannot control the bond market

i can see one huge big boo boo 10-Year 4.250 104-20+ / 3.68 -0-00+ / .001 16:39

and today we are back to "boo boo²":

10-Year 4.250 11/15/2017 104-27+ / 3.65 0-04 / -.015 05:36

So, I'm thinking the 10 year has topped. What do you think Dr.?

[Naam]

Fed funds rate as of Jan 29 = 3.5% 10 yr bond yield = 3.65%

for the astute among you (not highdiver), do you see a problem? IF the FOMC cuts to 3% tomorrow the 10 yr could jump to around 4.20%, that would be a big boo boo, the inversion would be much worse.....fed cannot control the bond market

i can see one huge big boo boo 10-Year 4.250 104-20+ / 3.68 -0-00+ / .001 16:39

and today we are back to "boo boo²":

10-Year 4.250 11/15/2017 104-27+ / 3.65 0-04 / -.015 05:36

So, I'm thinking the 10 year has topped. What do you think Dr.?

my belly expects 3.49% LRB.

edited for update:

10-Year 4.250 11/15/2017 105-13½ / 3.590-22 / -.082 08:38

Edited January 31, 2008 by Naam

[teej]

i picked up some nice bargains last week.

How are they looking now?

[VegasVic]

Actually I'm surprised we haven't heard from BB on this thread for a few days !

BingoBongo: Last Seen: Yesterday, 2008-01-21 17:13:53

He'll be back, don't worry.

LaoPo

dont worry my children, i am here........just setting up my next short positions, dont hate me becasue i am right, hate yourself becasue you were wrong, i have been trying to help for the past 6 months

anyone notice the yield on the 10yr bond? the US 10yr treasury is signalling deflation as the target is a yield of 3.20% which will be oh so painful for credit markets

so next support for DOW is 11340 and the next strong support on SPX is 1220 (with bounces along the way)

as this is the thai board, 750 was broken on the SET if it does not bounce, 725 is next support

fletchsmile, your long winded rhetortic is like reading a prospectus, boring and useless

SO ONE LAST TIME, SELL THE BOUNCES....emotions are best left for sad stories not managing money

BB, You are spot on when you say that the problem facing the U.S. over the coming months is deflation, some of these posters here talking about runaway inflation in the U.S. are absolutly clueless. I find it rather humorous that whenever there is a worldwide panic in the markets like we saw in asia on monday and tuesday that the money always comes running back to U.S. treasuries, it seems as though the dollar is still the worlds safe haven Please let us know exactly which equities or averages you are shorting now, it will be interesting to look back 6 months from now to see if you are indeed a prophet or just someone who constantly has a negative outlook on everything!

Bingo my man, has the cat got your tongue brother? Since you haven't so good as to let us know what averages or shares you have shorted, I will take the liberty to put you down for a short postion in the DOW as of todays open (actually I will put you in at 12,000 even though the DOW opened lower) and since you have been badmouthing BAC, then I will put you in a short position there as well at say $37/sh (it opened at around $36.86 so I am being generous here as well). If you really shorted CFC at $32/sh last summer then kudos to you it was a great call (I actually made a tidy sum on a 4 day trade on the other side of that bet in august), but its strange that I cannot find the exact post of yours that states this short call? As for myself, I loaded the truck this morning with shares of BAC in the $36.70's I just can't pass up on a fire sale. Now that we have something down on paper, lets revisit these positions of ours in 8 or 9 months and see who had the best instincts, in the meantime it will be nice knowing that you will be paying my dividend on some of those BAC shares. On a side note the CBO came out today with their report and resoundingly made a "no recession" call for the U.S. economy. LIBOR is currently on a steep decline, but it seems the EU central bankers just don't get it, they are so busy fighting inflation throughout the EU that they fell behind the curve yet again, watch for the EU to be in a full fledged recession by the ides of March As for the mighty lord po, keep an eye on the outflows from asian markets (yes particularly the chinese market) throughout the year as most of it will wind up in U.S. denominated assets, yes indeed the flight to safety in the U.S. dollar wil be a recurring theme for quite some time to come, so enjoy that java lao:D

In all fairness to full disclosure I have to say that I sold half my position in BAC today just north of $44/sh, a nice $7.35/sh profit for a weeks work was just too tempting. If BAC continues its climb tomorrow as more shorts begin to cover, I will likely sell the remaining shares north of $45/sh. This should not be construed that I do not believe in the future of BAC, but rather that BAC and the overall market got way oversold and the speed of the rebound was more than I expected. The next couple of months will have a good deal a volitility, but the bottom has been put in. The most bullish indicator that I know of is out today, and that is over 75% of S&P 500 companies are reporting an increase in short interest since Jan. 1, this is the strongest contrarian indicator available in the market and why I feel that barring some catastrophic news overnight the U.S. markets will see continued short covering tomorrow. Although I still can't find the post of Bingo's where he claims to have shorted CFC at $32/sh, I will say that overall Bingo was on the right side of the bet on shorting the market since last summer, but the tide turned a week ago as every indicator I saw showed an extremely oversold condition and now with the latest short interest report on the S&P I know that a bottom has been put in and that Bingo is one of those shorts that got caught up in all the pessimisim just as many bulls get caught up with optimisim when markets rise beyond any reasonable valuations like in the U.S. in 2000 and China currently. Bingo has kind of painted himself into a corner so I don't see him coming out and admitting that his short call of a week ago was wrong, but eventually (by the end of summer or sooner) I think Bingo will admit that a bottom was put in, in late January and that he was wrong to short the market at this time, also BAC will prove to be as resilient as the U.S. economy has, and a couple years from now its buyout of CFC will be hailed as an incredibly brilliant move.

[VegasVic]

Actually I'm surprised we haven't heard from BB on this thread for a few days !

BingoBongo: Last Seen: Yesterday, 2008-01-21 17:13:53

He'll be back, don't worry.

LaoPo

dont worry my children, i am here........just setting up my next short positions, dont hate me becasue i am right, hate yourself becasue you were wrong, i have been trying to help for the past 6 months

anyone notice the yield on the 10yr bond? the US 10yr treasury is signalling deflation as the target is a yield of 3.20% which will be oh so painful for credit markets

so next support for DOW is 11340 and the next strong support on SPX is 1220 (with bounces along the way)

as this is the thai board, 750 was broken on the SET if it does not bounce, 725 is next support

fletchsmile, your long winded rhetortic is like reading a prospectus, boring and useless

SO ONE LAST TIME, SELL THE BOUNCES....emotions are best left for sad stories not managing money

BB, You are spot on when you say that the problem facing the U.S. over the coming months is deflation, some of these posters here talking about runaway inflation in the U.S. are absolutly clueless. I find it rather humorous that whenever there is a worldwide panic in the markets like we saw in asia on monday and tuesday that the money always comes running back to U.S. treasuries, it seems as though the dollar is still the worlds safe haven Please let us know exactly which equities or averages you are shorting now, it will be interesting to look back 6 months from now to see if you are indeed a prophet or just someone who constantly has a negative outlook on everything!

Bingo my man, has the cat got your tongue brother? Since you haven't so good as to let us know what averages or shares you have shorted, I will take the liberty to put you down for a short postion in the DOW as of todays open (actually I will put you in at 12,000 even though the DOW opened lower) and since you have been badmouthing BAC, then I will put you in a short position there as well at say $37/sh (it opened at around $36.86 so I am being generous here as well). If you really shorted CFC at $32/sh last summer then kudos to you it was a great call (I actually made a tidy sum on a 4 day trade on the other side of that bet in august), but its strange that I cannot find the exact post of yours that states this short call? As for myself, I loaded the truck this morning with shares of BAC in the $36.70's I just can't pass up on a fire sale. Now that we have something down on paper, lets revisit these positions of ours in 8 or 9 months and see who had the best instincts, in the meantime it will be nice knowing that you will be paying my dividend on some of those BAC shares. On a side note the CBO came out today with their report and resoundingly made a "no recession" call for the U.S. economy. LIBOR is currently on a steep decline, but it seems the EU central bankers just don't get it, they are so busy fighting inflation throughout the EU that they fell behind the curve yet again, watch for the EU to be in a full fledged recession by the ides of March As for the mighty lord po, keep an eye on the outflows from asian markets (yes particularly the chinese market) throughout the year as most of it will wind up in U.S. denominated assets, yes indeed the flight to safety in the U.S. dollar wil be a recurring theme for quite some time to come, so enjoy that java lao:D

In all fairness to full disclosure I have to say that I sold half my position in BAC today just north of $44/sh, a nice $7.35/sh profit for a weeks work was just too tempting. If BAC continues its climb tomorrow as more shorts begin to cover, I will likely sell the remaining shares north of $45/sh. This should not be construed that I do not believe in the future of BAC, but rather that BAC and the overall market got way oversold and the speed of the rebound was more than I expected. The next couple of months will have a good deal a volitility, but the bottom has been put in. The most bullish indicator that I know of is out today, and that is over 75% of S&P 500 companies are reporting an increase in short interest since Jan. 1, this is the strongest contrarian indicator available in the market and why I feel that barring some catastrophic news overnight the U.S. markets will see continued short covering tomorrow. Although I still can't find the post of Bingo's where he claims to have shorted CFC at $32/sh, I will say that overall Bingo was on the right side of the bet on shorting the market since last summer, but the tide turned a week ago as every indicator I saw showed an extremely oversold condition and now with the latest short interest report on the S&P I know that a bottom has been put in and that Bingo is one of those shorts that got caught up in all the pessimisim just as many bulls get caught up with optimisim when markets rise beyond any reasonable valuations like in the U.S. in 2000 and China currently. Bingo has kind of painted himself into a corner so I don't see him coming out and admitting that his short call of a week ago was wrong, but eventually (by the end of summer or sooner) I think Bingo will admit that a bottom was put in, in late January and that he was wrong to short the market at this time, also BAC will prove to be as resilient as the U.S. economy has, and a couple years from now its buyout of CFC will be hailed as an incredibly brilliant move.

Bingo, you might want to rethink your short position! While I think that there may be more volitility coming in the next couple of months, the DOW is looking awfully strong at 12,700. I sold off the rest of those BAC shares at $45 this morning and will be looking for a reentry point if BAC ever dips below $40/sh again. I want to beat the trafic into Phoenix today for superbowl weekend so I will have to go now, everyone out ther have a great superbowl weekend and GO PATS!!!

[highdiver]

The bells reng and they are off.......

Asia stocks head very high

Europe opens with a huge gain.

here at Home. SET has hit 832 and leveled at 818....

So lets review again that wonderfull post from the spokes man of the "dooms brigade" from only 10 days ago.

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

dont worry my children, i am here........just setting up my next short positions, dont hate me becasue i am right, hate yourself becasue you were wrong, i have been trying to help for the past 6 months

anyone notice the yield on the 10yr bond? the US 10yr treasury is signalling deflation as the target is a yield of 3.20% which will be oh so painful for credit markets

so next support for DOW is 11340 and the next strong support on SPX is 1220 (with bounces along the way)

as this is the thai board, 750 was broken on the SET if it does not bounce, 725 is next support

SO ONE LAST TIME, SELL THE BOUNCES....emotions are best left for sad stories not managing money...

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

Wow Bingo .... you realy nailed the market this time.... well done...

[Naam]

dont worry my children, i am here........just setting up my next short positions, dont hate me becasue i am right, hate yourself becasue you were wrong, i have been trying to help for the past 6 months

we children don't have to worry Highdiver. Bingo will be back when the situation changes. and for a few days he'll tell us "I TOLD YOU SO!"

joke aside. i don't think the markets are out of the doldrums yet. there'll be more negative news surfacing and we'll see quite some volatility in the months to come. of course that's just my [not so] humble opinion.

[churchill]

I wouldn't be over confident that we are out of the woods yet ! There are still problems out there .

[lannarebirth]

I'm getting Bullish. That's usually a bad sign.

[Naam]

now what Bingo? all kiddies are waiting for your guidance

[lannarebirth]

now what Bingo? all kiddies are waiting for your guidance

I'd like to think there was enough buying power to move up, at least into the end of the month, but you have to admit, this does have a certain familiar look about it:

Edited February 6, 2008 by lannarebirth

[Naam]

I'd like to think there was enough buying power to move up, at least into the end of the month, but you have to admit, this does have a certain familiar look about it:

i like to look at charts LRB because they tell me a story what happened in the past but never tried to extrapolate the future on that basis as i am not qualified to do so. i might as well look at chicken entrails or tea leaves to reach a conclusion.

[Abrak]

I'd like to think there was enough buying power to move up, at least into the end of the month, but you have to admit, this does have a certain familiar look about it:

i like to look at charts LRB because they tell me a story what happened in the past but never tried to extrapolate the future on that basis as i am not qualified to do so. i might as well look at chicken entrails or tea leaves to reach a conclusion.

Very good point ...

Two solid bits of advice on the stockmarket...

(1) Never equate historic performance with future performance (remember those internet stocks...)

(2) Dont equate economic performance with stock market performance (the SET was at 1782 in 1994)

[bingobongo]

well Naam I was right again, i said the rally to the Jan 30 FOMC would happen and get long in the tooth, and viola the DOW down 370 on Feb 5 and the Nikkei down a whopping 646 on Feb 6, so my question is, did you sell the bounce? i doubt it

the trend is still down with bounces along the way oh by the way, for those of you who still are in denial, please enjoy this piece, and yes thailand was included......dam_n i am good, global correction is what i called and that is exactly what we are getting

Stock Tumble Drives 43 Benchmarks Into Bear Market

Among 80 equity national equity benchmarks tracked by Bloomberg, ......... Thailand, Turkey, Venezuela and Vietnam have also dropped at least 20 percent from recent highs.

http://www.bloomberg.com/apps/news?sid=aie...mp;pid=20601087

Edited February 6, 2008 by bingobongo

[BEENTHEREDONETHAT]

Hope no one throws their arm out of joint patting themself on the back.

[bingobongo]

[Naam]

well Naam I was right again, i said the rally to the Jan 30 FOMC would happen and get long in the tooth, and viola the DOW down 370 on Feb 5 and the Nikkei down a whopping 646 on Feb 6, so my question is, did you sell the bounce? i doubt it

i don't sell anything i don't own Bingo. how many times do i have to repeat that i don't touch shares? going short was never my game and it's virtually impossible to short bonds unless you are 20 million heavy (which i am not) and your bank finds a counterpart. shorting individual stocks or indices is of course a piece of cake.

[lannarebirth]

well Naam I was right again, i said the rally to the Jan 30 FOMC would happen and get long in the tooth, and viola the DOW down 370 on Feb 5 and the Nikkei down a whopping 646 on Feb 6, so my question is, did you sell the bounce? i doubt it

i don't sell anything i don't own Bingo. how many times do i have to repeat that i don't touch shares? going short was never my game and it's virtually impossible to short bonds unless you are 20 million heavy (which i am not) and your bank finds a counterpart. shorting individual stocks or indices is of course a piece of cake.

Bingo,

Rather than bore the readers with your theme, give us your price targets and technical reasoning instead. I have my own, but am less sure of the time element, so would never presume that anyone else could profit from my work.

[stumonster]

Sound like January had a correction - will this confidence last much longer ?

Global markets lost $US5.2 trillion

GLOBAL stock markets were hit with a collective loss of $US5.2 trillion (AUD$5.83 trillion) in January as investors scurried for cover in the face of economic uncertainty, a report reveals.

Standard & Poor's, a US credit rating agency that manages a number of global stock indexes, said 50 of the 52 main global equity markets lost ground in January.

Emerging markets fell an average of 12.44 per cent and developed markets lost 7.83 per cent to register one of the worst ever starts to a new year, S&P said as it released its global stock market review.

"There were few safe havens in January as 50 of the 52 global equity markets ended the month in negative territory, with 25 of them posting double- digit losses,'' said Howard Silverblatt, a senior analyst at S&P.

http://www.theaustralian.news.com.au/story...7-12377,00.html

[bingobongo]

so did you sell the bounce? oh and it will get oh so much worse.............strap in

even china got clobbered...... China, which was down 21.40%

World equity markets lose $5.2 trillion in January

Emerging markets fell 12.44%, while developed markets lost 7.83%, one of the worst ever starts to a new year, S&P reports.

http://money.cnn.com/2008/02/08/news/economy/world_markets/index.htm?postversion=2008020816

Edited February 9, 2008 by bingobongo

[VegasVic]

so did you sell the bounce? oh and it will get oh so much worse.............strap in

even china got clobbered...... China, which was down 21.40%

World equity markets lose $5.2 trillion in January

Emerging markets fell 12.44%, while developed markets lost 7.83%, one of the worst ever starts to a new year, S&P reports.

http://money.cnn.com/2008/02/08/news/economy/world_markets/index.htm?postversion=2008020816

Bingo, I still show you underwater in your short of the DOW and BAC You are correct though that the overall market may see lower levels than we are currently at, I think we would definately disagree at to how much lower those levels could be and how long we will remain there. There is currently record short interest in the S&P 500 and record levels of cash sitting on the sidelines in money market funds, while you may see this as a trend I see this as the best contrarian indicator possible. I am mostly in cash or high yielding energy trusts myself (I have been there since last June), but I have taken advantage of the short selloffs and made some very sweet trades since last August. I have a laundry list of stocks and am almost ready to start nibbling again. Shorts always overplay their hand, and they will again this time and I will be there to scoop up the great companies at bargain prices once again. The next bounce that comes will be quite a bit more substantial than this last one and will catch the shorts scurrying to cover again. As for China, I agree that is pretty much a no-brainer, the Chinese equity markets may (in hindsight) turn out to be the mother of all bubbles. While the longterm future for China is very bright, their immature markets have gotten way ahead of themselves and I can see another 20-30% downside as very possible over there, as funds are repatriated and reallocated this will only help the U.S. equity markets this summer and i the second half of this year. I actually hope that you get to a breakeven point with your short of BAC, I would love to back up the truck once again should it ever reach those levels

[VegasVic]

so did you sell the bounce? oh and it will get oh so much worse.............strap in

even china got clobbered...... China, which was down 21.40%

World equity markets lose $5.2 trillion in January

Emerging markets fell 12.44%, while developed markets lost 7.83%, one of the worst ever starts to a new year, S&P reports.

http://money.cnn.com/2008/02/08/news/economy/world_markets/index.htm?postversion=2008020816

Bingo, I still show you underwater in your short of the DOW and BAC You are correct though that the overall market may see lower levels than we are currently at, I think we would definately disagree at to how much lower those levels could be and how long we will remain there. There is currently record short interest in the S&P 500 and record levels of cash sitting on the sidelines in money market funds, while you may see this as a trend I see this as the best contrarian indicator possible. I am mostly in cash or high yielding energy trusts myself (I have been there since last June), but I have taken advantage of the short selloffs and made some very sweet trades since last August. I have a laundry list of stocks and am almost ready to start nibbling again. Shorts always overplay their hand, and they will again this time and I will be there to scoop up the great companies at bargain prices once again. The next bounce that comes will be quite a bit more substantial than this last one and will catch the shorts scurrying to cover again. As for China, I agree that is pretty much a no-brainer, the Chinese equity markets may (in hindsight) turn out to be the mother of all bubbles. While the longterm future for China is very bright, their immature markets have gotten way ahead of themselves and I can see another 20-30% downside as very possible over there, as funds are repatriated and reallocated this will only help the U.S. equity markets this summer and i the second half of this year. I actually hope that you get to a breakeven point with your short of BAC, I would love to back up the truck once again should it ever reach those levels

Come on Bingo, you and your short bretheren aren't trying hard enough! The Dow closed at 12,552 today and the NASDAQ made an even more impressive move, and my BAC is around $43.40 nowhere near the $37/sh where you shorted it. How am I ever going to buy back my beloved BAC stock at $37 if you guys don't start selling more shares short OK, I know the answer, just wait this latest run up is not sustainable and the DOW will be at 11,400 (or was that 11,300) verry soon Perhaps I am just a little impatient waiting for this inevitable final leg of short selling that will bring the DOW down 1200 pts. from where it currently sits. Oh well I guess I'll check back next week to see what the prognosis is then.

[disgruntled]

It's freaky Friday! I think yesterdays news has yet to sink in with US investors. Lets see what happens tonight. The rollercoaster is just starting to pick up speed.

[Wrong Turn]

It's freaky Friday! I think yesterdays news has yet to sink in with US investors. Lets see what happens tonight. The rollercoaster is just starting to pick up speed.

The tax rebate is being criticized and even slammed by Rs and Ds in the USA.

One ® Congressman called it "pouring a glass of water into the ocean" and will have no effect.

The checks will arrive in the mail in May. The theory of this brilliant gov is that people will go out and buy stuff.

Go figure.

[disgruntled]

This week should be interesting for news.

I have to say that despite inflation being high in LOS the shoppers are still filling the malls. In fact, people in the malls seem to be on a buying spree still. The inflation news is out across asia but still hasn't seemed to have kicked in with the masses. With Samak going nuts over people criticising his ignorance, I see some investors loosing further confidence in LOS. Samak may be one of those 3 month PMs indeed.

The US seems to be in a news lull at the moment. That's why I think this week should bring out some new economic news. Right now it seems to be all about merger talks. Yahoo talking to Murdock is much more sickening than a tie-up with Microsoft. The airlines all seem to be running for partners. I wonder if the mergers will go through. I see the successful combos with so much coverage doing something Thai Airways has done with its Nok air service. Continental and Continental 'Breeze' low cost service or something like that. Who knows?

[cclub75]

I have to say that despite inflation being high in LOS the shoppers are still filling the malls. In fact, people in the malls seem to be on a buying spree still. The inflation news is out across asia but still hasn't seemed to have kicked in with the masses. With Samak going nuts over people criticising his ignorance, I see some investors loosing further confidence in LOS. Samak may be one of those 3 month PMs indeed.

I was also amazed by the crowds in malls last thursday... for Valentine day.

It was insane : all those teenagers, hanging around, before to go to the movie. But were they "buying" something ?

As for the perception of the inflation, I would be more cautious... People are struggling. Particularly up country.

ThaiCrisis has a disturbing article and charts about deposits in commercial banks, that could show that since a few months people are eating their savings.

Also, we had the news that pork prices increased by 35 % ! I mean this can not be "unnoticed" by the population.

[bingobongo]

anyone notice the 10yr note action in the past 5 days? treasury market auction was abyssmal.......mortgage rates jumped too (say bye bye to what is left of housing market)

if the 10yr yield breaks above 3.82% resistance, next stop is 4.20% which will decimate equities (as the spread between the 10 yr and FED FUND rate will be whopping 1.2%...upside down) last two times was that high was Aug and Nov 2007......remember what happened then?

.......the rally over the past 2 weeks was short covering into option expiration last friday.......trend is still down, short the rallies and sell into them

Edited February 17, 2008 by bingobongo

[lannarebirth]

anyone notice the 10yr note action in the past 5 days? treasury market auction was abyssmal.......mortgage rates jumped too (say bye bye to what is left of housing market)

if the 10yr yield breaks above 3.82% resistance, next stop is 4.20% which will decimate equities (as the spread between the 10 yr and FED FUND rate will be whopping 1.2%...upside down) last two times was that high was Aug and Nov 2007......remember what happened then?

.......the rally over the past 2 weeks was short covering into option expiration last friday.......trend is still down, short the rallies and sell into them

As I posted before, I think the 10 year has topped for now. What's most interesting to me is that muni auctions are failing to find bidders. Some municipalities being forced to pay 15% on what should be bulletproof bond offerings. I wish I knew more about the bond and credit markets. Someone is making a killing there. I can't see that situation going on much longer. Either a resolution will be found in the next week or so, or something ugly will occur.