Markets rallied today as traders snapped bargains. I personally am on the sidelines at the moment as events unfold and see if this weeks pullback was just an excuse to take profit or a whether this rally was a dead cat bounce. The positions I got out of on Tuesday have all rallied significantly, and in hind site should of just held out. But no real damage was done I guess.
Today we had strong manufacturing data from Philadelphia and a sustained Jobless number under the 400k mark which helped sustain the market rally.
Bonds fell heavily with the short end coming off sharply after big gains this weak. Spreads have widened at the front as we continued to drop off. ECB officials still state that they remain vigilant and that the situation regarding rates hasn't changed, although I cant see them moving on rates in the next month due to the Japan disaster.
Tomorrow we have a quiet day on the data front, but on going situation in Japan will be enough to keep the market lively.
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