Financials: June Bonds are currently 11 lower at 143'08 and the 10 Yr. Notes 5 lower at 131'11. Bonds have been gyrating over the last few sessions on just about every news item out of Cyprus. Since Monday the Cypriot congress voted against levies on bank deposits and have been in talks with the Russians about assistance in raising the 5.8 billion Euro's needed to secure an additional 10 billion Euro bailout for potential recapitalization of banks. The nervousness of the market is not necessarily the failure of Cypriot banks but the systemic problems that could arise with the precedent of a levy on bank deposits in general. If you went short at Monday's stated resistance of 143'28 (recent high 143'30) take the short term profit.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
