Yesterday it sounded like a library here. We did decent business, but it was spotty. You'd do a chunky trade, and then nothing for two hours.
We were a little bit aggressive too early, trying to say the Fed is done. Now the data is continuing to show some strength.
Most real-money customers are content to be slow to buy. They don't feel like the market's going to get away from them on the upside.
This is nothing more than a market that's gone down strongly for two weeks finding some support and bouncing off that. Next week is a new week and I don't think you can glean much from any one day.
In the last couple of weeks the dollar has gone into free fall and our market doesn't like it.
I don't want to get overly bearish. But we're getting a ton of supply, and not just Treasuries.
