Right now, the market is well bid and it will take time or some more significant event to make people want to sell.
More Quotes from John Spinello:
There's not a lot of activity, but the bond was severely oversold (Friday) and without follow-through selling today, we're seeing some short-covering behavior.John Spinello
Inventory rebuilding may have begun, with inventories up for the first time in many months. It's probably an indication that you're leaning toward a higher GDP and another sign of the recovery.
John Spinello
Today the flows have changed. We did see some selling this morning of the back end of the Treasury market and perhaps that's just a little disappointment that the stock market didn't go further below 10,000.
John Spinello
The chain stores sales data is coming in a little bit weak and oil prices are up. That's positive for the bond market, negative for the economy.
John Spinello
Investors are still picking up some paper. Yields were bid up last week (but) refunding starts tomorrow . . . the market may be weak going into the flow of supply.
John Spinello
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