Here are today’s gold stock screens and data, along with cycle conditions and projections for gold and HUI index, and Chart of the Day...
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Posts Tagged ‘ Cmbs ’
More Bad News From the Treasury
The Treasury market buying panic continued this week with technical signs pointing to a 10 year yield possibly as low as 1.80, or even 1.60. That would be bad news for stocks. While the indirect bid remains about 25% below last year’s level at the Treasury auctions, foreign central banks have increased their buying...
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Indirect Bid Plunges at Treasury Auctions In Spite of Reduced Supply
The indirect bid at this week’s bill auctions ominously weak, in spite of reduction of 4 week bill to $34 billion from $40 billion, and the paydown of $25 billion in CMBs resulting in a net paydown of $30 billion at Thursday’s settlements. The paydown is very bullish in the short run, but the...
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Tokyo’s Property Collapse-Morgan Stanley leaves keys
Leading Investment Banking firm demonstrates that walking away makes sense!
The value of Tokyo’s properties has fallen well below that of the debt, analysts and sources said, raising the prospect that the funds will fail to repay or refinance the l...
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Treasury Auction Calendar Update
The 13 week and 26 week bill auctions were strong with the expected increase in the indirect bid as a result of this week’s paydown from the non-renewal of the weekly $25 billion in Supplementary Financing Program Cash Management Bills. However, the overall bid/cover was lower than last week. Apparently Primary Dealers were less...
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Rivers of Cash – Professional Edition Treasury Update
Treasury supply was heavy this week, but the new paper doesn’t settle till Monday. That allowed Fed pumping to keep the market elevated early for the first half of the week as we expected, but the effects were finally felt on Friday, as some sellers may have needed to free up cash in order...
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CRE Primer On CRE Pretending- I Mean Lending
Once in a blue moon I stumble across a document chock full of relevant material. Such is the commercial real estate (CRE) marketCongressional Oversight Report (COR) produced by a committee chaired by Elizabeth Warren. Much of the source and chart material I provide is from this well-written report. Most CRE lending is concentrated in commercial banks and asset-backed...
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Fed Master Stroke – Professional Edition
The Treasury boosted new supply this week to $40 billion with yesterday’s announcement of two CMBs totaling $65 billion, but perhaps more importantly there’s nothing for sale in the intermediate to long end of the curve. It’s all in the form of short term bills and CMBs. In the face of that, the Fed...
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Much Ado About Nothing – Professional Edition
Relatively strong results in the 2 year note auction were ballyhooed in the financial media today, but in reality the performance was simply borrowed from the bill auctions on Monday and earlier Tuesday. Taken as a whole there was no uptick in demand evident. That was the easy part as the market got help...
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Supply Pounding Resumes – Professional Edition
The Treasury calendar for this week ballooned with the announcement of $20 billion in 4 week bills and $35 billion in CMBs which was not on the tentative schedule or in the TBAC forecast. Click here to download complete report in pdf format (Professional Edition Subscribers). Try the Professional Edition risk free for thirty...
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Temporary Respite – Professional Edition Fed Report
The Treasury settled $72 billion in new supply on Monday. Normally we don’t see that much pressure on the market on the day of settlement. It usually happens a day or two earlier. The Treasury calendar this week is a little lighter, with only $11 billion of new supply, including two CMBs announced today....
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Interesting Times Next Week – Professional Edition Fed Report
The Treasury calendar will be enormous next week, including the usual 4, 13, and 26 week bills plus 3 and 10 year notes and a 10 year TIPS issue. We won’t know the total amounts until the 4 week bills and the notes are announced on Monday. The Treasury also faces expirations of a...
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Headed for Zero – Professional Edition Fed Report
The Fed auctioned $89 billion in T-bills and Cash Management Bills today, of which $9 billion is new supply. Rates on the 13 week bills were near zero, attesting to the ongoing panic into the shortest term Treasuries. However, there was a big drop in the indirect bid on the CMBs versus last week’s...
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