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iShares Barclays 20+ Year Treasury Bond ETF

5/24/2013, 12:18 PM ET

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Thursday, May 23, 10:04 PM An interesting exercise in the always dangerous practice of extrapolation: A look at this week's H.4.1 update shows the Fed holding $1.583T of outstanding 10-year equivalents or, a record 30.32%. By extension then, only 69.68% remains for the private sector. Currently, the figure is rising ~0.3% per week as Bernanke and company snap up Treasury bonds (TLT, TBT). Were that pace to continue until 2018, the Fed would be in possession of virtually the entire market. Food for thought from ZeroHedge and Stone & McCarthy. 5 Comments
Thursday, May 23, 8:40 AM More on jobless claims: The big decline nearly erases last week's large and unexpected jump, and will do nothing to ease concern about "tapering." The 4-week moving average is little-changed at 339,500. S&P 500 futures remain lower by 0.95%, but bond prices continue to give up some of their big early gains, TLT +0.3%. 3 Comments [U.S. Economy]
Thursday, May 23, 6:48 AM S&P 500 futures (SPY) -1%, Nasdaq 100 (QQQ) -1% following the Nikkei's 7.3% crash overnight. In Europe, the Stoxx 50 (FEZ) -2.2%. Shanghai fell 1.2% as its PMI slipped into contraction territory for the first time in 7 months. Treasurys catch a bid, the 10-year yield off 5 bps to 1.99%, TLT +0.8% premarket. 12 Comments
Wednesday, May 22, 3:23 PM Treasury yields continue to climb following the hawkish interpretation of Bernanke and FOMC minutes, the 10-year up 9 bps to 2.02% and within 6 bps of the YTD high of 2.08%. Yields will fluctuate at the long end, but the middle is moving as well, the 5-year up 7 bps to 0.89% - quite a spike for an instrument yielding so little. The IEI - which owns 3-7 year Treasury paper slides 0.3% to just about a 52-week low. The long-term TLT falls 1.4%. 6 Comments [U.S. Economy]
Wednesday, May 22, 2:10 PM Stocks had already shed their Bernanke-testimony gains from this morning and they head even lower following the release of the FOMC minutes showing a "number" willing to begin tapering QE as soon as the next policy meeting. S&P 500 (SPY -0.4%), Nasdaq 100 (QQQ -0.6%). The dollar (UUP +0.4%) moves to a new session-high, and Treasurys (TLT -1.3%) continue to sell off. 11 Comments
Wednesday, May 22, 10:42 AM Bernanke: Stocks continue with solid gains as the chairman suggests the Fed may never sell the massive assets it's accumulated, instead just letting them roll down. Most interesting are Treasury prices (TLT -1.1%) rolling over - the 10-year yield sunk to 1.89% as Bernanke's soft comments hit the tape, but has reversed to now threaten 2%. Gold (GLD +0.6%) has given up much of its knee-jerk gains, and the dollar (UUP +0.3%) is having none of it, higher across the board, particularly vs. the aussie (FXA -1.1%), yen (FXY -1%), and loonie (FXC -0.6%). 5 Comments
Monday, May 20, 9:47 AM UBS' 5 "suspected" asset bubbles: 1) Risk-free rates - specifically Treasurys (TLT), Bunds (BUND, BUNL), JGBs (JGBL, JGBT, JGBD, JGBS) 2) Credit (HYG, JNK) 3) Real estate in Asia (WPS) 4) Certain EM equity markets (EIDO, IDXJ, EPHE, THD, EWW) 5) Australian banks (WBK, NABZY.PK, ANZBY.PK, CMWAY.PK). Comment!
Saturday, May 18, 9:15 AM Leon Cooperman and partner Steve Einhorn keep it simple: Stocks (VTI) are cheap relative to interest rates and inflation. The guy who bought T-bills (SHY) has migrated to T-bonds (TLT), the guy who bought T-bonds has moved to investment grade corporates (LQD), the guy who bought IG is now in high-yield (HYG, JNK), and so on (glasses clink in the FOMC board room). Their largest position is Sprint Nextel (S) - as fans of Masayoshi Son and long-time owners of DISH, the duo like seeing two industry titans both wanting the same asset. New Citigroup (C) management should be able to double ROE over the next 2-3 years, and Transocean (RIG) sells for a significant discount to asset value. 4 Comments [Quick Ideas]
Friday, May 17, 10:35 AM Stocks add to gains (SPY +0.6%) as the mid-May UMich Consumer Sentiment read rises to 83.7 vs. 76.4 at the end of April and against expectations for 78. The current conditions index jumped 7.6 points to 97.5 - a new high for the economic recovery. Treasurys (TLT -0.7%) slide further. 3 Comments [U.S. Economy]
Friday, May 17, 9:38 AM Did the Fed tighten while we were getting a cup of coffee? The greenback is soaring against all other currencies, with the dollar bull ETF (UUP) gaining 0.6% - an unusually large move for that vehicle. Strength against the yen (FXY -0.3%) and the aussie (FXA -0.9%) are givens of late, but the greenback is up about 1% vs. both the loonie (FXC) and the swissie (FXF), and about 0.6% vs. the euro (FXE) and cable (FXB). Getting hit are Treasurys (TLT -0.5%), the dollar bear ETF (UDN -0.6%) and of course, gold (GLD -0.7%). 5 Comments [Global & FX]
Friday, May 17, 8:06 AM "Printing of money and the seeking of safe returns" have made cash (SHY) and bonds (TLT) terrible investments, says Ray Dalio (video). The same activity, on the other hand, is great for "other assets," i.e. stocks. "There will be a tightening ahead." 1 Comment
Thursday, May 16, 12:07 PM Bill Gross pokes some fun at himself, telling Bloomberg TV "We are not always right, but we are always certain." He reiterates his belief that the 30+ year secular bond bull market is over, but isn't expecting a 1994-like meltdown in Treasurys. He instead thinks Treasurys (TLT) and corporates - both investment-grade (LQD) and high-yield (HYG, JNK) - won't move much over the coming 12 months. 4 Comments [U.S. Economy]
Thursday, May 16, 10:10 AM More on Philly Fed: The big miss is another in a line of weak data points this morning. The decline was led by a steep drop in shipments to -8.5 from +9.1. Also notable is a big jump in inventories to +4.1 from -22.2. Employment worsened to -8.7 from -6.7. The percentage of firms reporting employment decreases was 22% vs. those reporting increases at 14% - a number sure to cross the desk of the FOMC doves this morning. Treasurys have had a tough May, but they're bouncing today, TLT +1.2%. The leveraged bear ETF: TBT -2.4%. Stocks give up early gains (DIA -0.2%). 6 Comments [U.S. Economy]
Thursday, May 16, 8:38 AM SPY -0.3% premarket, giving up small early gains after a big jump in jobless claims and a rather shocking decline in housing starts. Starts were off 16.5% from March, but up 13.1% Y/Y. On a more hopeful note, building permits were up 14.3% from March, up 35.8% Y/Y. Treasurys catch a bid, TLT +0.5% premarket. Homebuilders ETF: XHB -0.2%. Comment!
Wednesday, May 15, 3:40 PM More from Gundlach: Not concerned about inflation, he calls TIPS (TIP) "pretty bad" investments and says he'll be a buyer if the 10-year (TLT) yield bounces back to 2% (off 3 bps today to 1.94%). As for the inevitable Apple (AAPL -3.3%) question - he prefers the common stock to the just-issued bonds. Warren Buffett says he prays for stocks he owns to go down in price - it allows him and company repurchase programs to buy at better prices. Is Apple putting money to work the last couple of days? 15 Comments [Tech]
Monday, May 13, 8:50 AM Stock index futures move to session highs following the big beat on retail sales, SPY -0.1% premarket. Excluding a 4.7% decline in gasoline sales, retail spending grew 0.6% in April. Bond prices continue their recent slide, the 10-year note off half of a point. The yield may challenge 2% today. TLT -0.9% premarket. 4 Comments [U.S. Economy]

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