Thursday, February 10, 2011

What Was That?

This remains one broken market.  As the closing bell approached, the Mubarak speech seemed to put a bid in the market until it became clear he was NOT stepping down.  Then you see a big sell off only to be followed by a big green bar at the close.  What is telling though is the price action right after the close.  ES futures now down four handles.

Friday has tended to be the largest days of demonstration in Egypt after prayer so tomorrow should be a very big day from a geopolitical standpoint.  Asia should be pricing in these Egyptian developments tonight.  

Bonds did not catch much of a bid today and the thirty year auction was relatively weak.


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