The rally continued in stocks today led by technology. We rallied over 4% in the nasdaq, with it coming back from its pounding yesterday. This in turn with financials and real estate propped the markets higher once more giving us 10% plus bounce in the last week and a half.
With this reversion back to stocks, bonds sold of across the board led by bunds which made their way to the 122 area, closing at 122.48. I think we still have some downside to go and we may consolidate or bounce of the 121 handle.
Euribors followed the schatz lower as the short end felt the heat this session. Action was quite volatile as low volume exaggerated moves.
We sold of across the curve and we sold of in the euribor calendars from Sep10 spreads onwards.
Tomorrow i'm going to be looking for the rebound in the spreads, going long if the opportunity presents its self but will wait in the morning to see if there is any further downside or not.
Stock wise I am considering entering UYG ETF on any pull back as I feel we can get another 10 - 15% pop in financials.
We shall see how it pans out.
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