Primary Dealers Caught With Pants Down – LINK CORRECTED

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Primary Dealers began to sharply pare back their long Treasury positions in November. They had boxed themselves in with record long positions during preceding months. They were on the wrong side of the market in the third quarter, as bond prices have since fallen sharply and bond yields have risen sharply. Here’s what it means, along with a rundown of other key liquidity indicators for the Treasury market and stocks.

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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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