Recommendations

By Marc Nemenoff
13 November 2009 @ 09:43 am EDT

Financials: Bonds are currently 13 higher at 119'10. We continue to hold the combination of short Dec. Bonds and short the Jan. Bond 115'00 put. We continue to have a GTC order to cover the short Jan. 115'00 put at 18 points. Yesterday the market gave a buying opportunity for short term traders as the market tested the 117'20 level of support. The market made a momentary low of 117'10 as the market sold off after the results were in on the selling of 16 billion dollars worth of 30 Yr. Bonds as part of the quarterly refunding. It is my understanding the average yield was 4.46%, slightly more than had been expected. This break was trumped as the equity and precious metals markets sold off later in the session. We are now near the 119'00 resistance area and I recommend the short side of the market.

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