We had a fairly quiet day day alround yesterday. Bunds are range trading in the 122-123 range, over the past month as we await the next move from the ECB. Volume has been weak, making execution a bit more difficult, especially in Euribor contracts.
Spreads have been inching upwards as we await the ECB.
"Official" stress test results are due tomorrow, which despite the hype could be a non mover unless there are any real surprises, which is unlikely since its done by the government and the last thing the government wants to do is induce panic!
Nevertheless the results will make interesting reading, but with the ultra bullish tone to this market it is unlikely that its going to stop this train in its track.
The rally in equities is reminiscent of the rally after the sell off in the 1930s, we could be going a lot higher before another smack down late in the year or early next year. But your guess is as good as mine.
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