Yesterday, markets continued to show a muted response to the Dubai World debt problems and many markets essentially returned to trading levels seen before last Wednesday’s announcement. The Dubai situation appears to be more of an aftershock to the past years’ financial crises rather than the start of a new wave. Bond prices were a touch higher yesterday and short-end of the curve continued to post the biggest gains, further steepening the curve. The minor range that is forming this week has not done any damage to the larger bullish conditions that are active on daily charts. With the acceleration from late last week, we got a little ahead of the moderate pace that had been driving prices higher since late October. Stalls near current levels should allow us to resume that larger bullish trend at a more sustainable pace by the end of this week. Stocks are up around 115 points today while we see mtg backs slightly off about 5 to 6 ticks. 10yr is currently trading around 3.245yld.
Markets continued to show a muted response to the Dubai World debt problems
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