Financials: Mar. Bonds are currently 20 lower at 144'03. This mornings Monthly Unemployment Report showed an increase in non-farm payrolls of 155,000 vs. a pre-report average estimate of 153,000. Yesterday the Fed released the minutes of the latest FOMC meeting and basically said the economy was on track and that it is possible that QE (quantitative easing)3 may end in 2013. Keep in mind that this means within a year the Fed may not be in the market buying 85 billion dollars worth of 6-30 year bonds per month by this time next year. The reaction was a break in the market from yesterday afternoon through this morning taking the Bonds as low as 143'17 over night. Yesterday we recommended buying Bonds below the 144'20 level. If you went long I recommend either getting out of the trade and taking a small loss or using a protective sell stop just below the over night low. The trend has turned down.
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