Fed Manipulation Trumps Cycles- Treasury Picture Stays Modestly Bullish- Professional Edition

Here are 3 of the 9 bullet points covered in this week’s report.

  • Primary Dealers’ Treasury holdings have now broken the downtrend line from their peak inJune. This could be a bullish short term signal for Treasuries.
  • FCBs are buying at low levels in their buying in recent weeks, but public buying has continued at very strong levels.
  • The public was joined by the banks, whose buying surged at the same time as they received the first round of cash from the initial settlements of QE3 MBS forward purchases on November 14. Renewed bank buying could be a bullish factor both for Treasuries and stocks

Table of Contents

Treasury Auctions 5
Week Just Completed 6
Week Ahead 7
Treasury Auction Takedowns By Investor Class 10
Primary Dealer Treasury Holdings 11
Bond Fund Flows 16
Bank Holdings of Treasuries 17
Federal Revenues 19
Economic Data Schedule 27
10 Year Treasury Yield 28
US($) Dolor Index 30

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Lee Adler

I’ve been publishing The Wall Street Examiner and its predecessor since October 2000. I also provide analysis and charts for David Stockman's Contra Corner which I developed for Mr. Stockman. I’ve had a wide variety of finance related jobs in the past 44 years, including a stint on Wall Street in both analytical and sales capacities. Prior to starting the Wall Street Examiner I worked as a commercial real estate appraiser in Florida for 15 years. I also worked in the residential mortgage and real estate businesses in parts of the 1970s and 80s. I have been charting stocks and markets and doing analytical work since I was a teenager. My perspective is not of the Ivory Tower. It is from having my boots on the ground and in the trenches of the industries that I analyze and write about today. 

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