Well since the last update we have traded pretty much sideways, both in bonds and stocks. This was to be expected after such a big run up, this consolidation is likely to continue, until we have something to push us significantly one way or the other.
US stocks made an attempt to break to the upside, but sellers returned for some much expected profit taking.
Chrysler announced bankruptcy protection, so one down out of 3. It is trying to reach a deal with Fiat to keep it alive, I believe it will but it is the weakest out of the three and is likely to find it the hardest to resurrect its fortunes.
Euribors enjoyed a a somewhat volatile session, however spreads remained broadly in line. Jun10-Sep10 Spread is now trading 19.5s and 20s slightly lower then the last outlook a week ago, further out the dec10-mar11 is still trading 19s-19.5s. Today I played the range, but found legging a bit difficult as many of the indicators were off the mark. We had for a majority of the day Stocks and Bonds going up in unison, as well as wildly diverging bund and schatz.
We have may day holiday tomorrow so European markets will be shut.
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