Just as I said yesterday there was a small opportunity to get out my long spreads and lucky I didn't hang around and I took it, as its all gone back down again. The pressure on the curve remains and so I will be buying the dip, and nick a half tick on any rally, as in reality this is the only play right now in my opinion. I find it hard to short at these levels so I prefer buying. Out at 3.5 in Mar15Jun15, 4.5s in Jun15Sep15 and 6s in Sep15Dec15.
Markets look under pressure still, and it feels very vulnerable for sure, I think there is a bit more to go so any significant rally would be worth a sell.
Markets look under pressure still, and it feels very vulnerable for sure, I think there is a bit more to go so any significant rally would be worth a sell.
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