Financials: Mar. Bonds are currently 9 lower at 147'06 and the 10 Yr. Note 2 lower at 132'14. We are currently on the sidelines. Given the uncertainty of new tax regulation, debt ceiling, budget and other components of the "fiscal cliff" coming in 5 days, I'm unwilling to predict direction in the short term. Every time I see the market have a substantial break I must remind myself of Fed policy to keep rates low throughout 2013-2014 and operation twist which will see the fed purchasing 40-85 billion dollars worth of 6-30 year treasuries over the next few months. For the long term I remain somewhat negative on Bonds and 10 Year Notes and will continue to be a seller when I see yields under the 2.65 rate for the 30 Year Bond and under 1.55% for the 10 Yr. Note.
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