Stock markets took a tumble today after some real bad retail sales numbers. Before the numbers they were up again and the numbers gave everyone a reminder that not all is well yet. We settled below 8000 on the Dow which could prove to be significant going forward.
Whilst there was some action in stocks, bonds action was very lacklustre with very poor liquidity throughout. Trading Euribors at the moment is a bit of a nightmare, reminds me of the old TED spread days. I'm hoping it picks up as I put today down to easter weekend hangover.
Bunds ended the day at 122.48 finishing near the high of the day. We broke out of the intraday resistance at 122.45 in late trading, and this could be a floor for tomorrows action. I would expect the rally in bunds to continue in the next week inching us closer to the 124 target.
Tomorrow we could be looking at more weakness in stocks opening up after a dissapointing number from Intel, shares are down 5% in after hours.
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