U.S. Market (Lack of) Action Charts

NYSE volume unchanged from yesterday's siesta-inspired participation.

click to enlarge



In bonds, forward curves are getting pancaked. The 5 Yr bond has over 2% differential between spot and the 5 year forward. But the biggest action is in the near end: presumably the 3 Month T-Bill will see a 5% ramp up in the next 5 years.



And lastly, DB and JPM as usual at the forefront of SPY trading.

Comments

[MKW:]

Now isn't that interesting. The day after it becomes official that JPM can pay back TARP, the market action is totally different - among other things, it's 1:30 and I haven't yet seen a great blast up in the markets on a volume surge in SPY. The market is actually being allowed to go down! Amazing, and what a coincidence!

Jun 10 01:37 PM

[mikefarr:]

Thanks Tyler,
Pardon my newness but how do you generate this graph? Is this the infamous "forward yield curve"? What is it the data that it's based on? I'm trying to decide how much weight to give this.

What should I conclude from the DB and JPM buying of SPY? Anything more than that they are betting on the S&P going up? How likely is this to be just a balance to some derivatives trade? Again, how did you generate this screen? I didn't even know you could get this information.

Jun 11 11:34 AM