We had a pullback on monday but not yesterday, as we sold off over 160 points in the Dow as we trade at 8163. In Europe the Eurostoxx 50 has broken the 2300 level. The drop was on light volume, but that has been the story lately. The drop in stocks have given rise to the bund with it trading over 122 as it makes its way higher again.
Euribors have been inching higher also, as we are reversing some of the earlier steepeners. Front month spreads are falling, with Sep10-Dec10 trading at 33.5 from 37s last week, where as further out spreads are inching higher, with the notable rise being the Jun11-Sep11 spread trading at 25 after trading 20.5 last week.
The lack of volatility is making it hard to get filled in these spreads I have found, and I have resorted to my Iphone for much needed entertainment for much of the day.
Hopefully things will pick up as earnings season begins with Alcoa kicking things off.
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