Maybe it's my contrarianism -- maybe just ignorance. But when the anti-dollar, pro-commodity trade is the surest, most popular trade extant, it might make sense to start thinking the other way. Just a thought.
Position: Long commodity stocks
10-Year Auction StrongTom Graff
1:19 p.m. EDT The Treasury's $20 billion 10-year auction came in very strong, especially impressive given how much the market had already rallied this morning. Pre-auction expectations were 3.23%, and it came in at 3.21%. Bid/cover was 3.01 times, which is the second-strongest level for a 10-year auction in the last 15 years (only bested by 3.28 times for the July 2009 auction), and 47.4% was awarded to indirect bidders, which is said to be an indicator of foreign demand. Overall, it was a very strong auction and supportive of the notion that 10-years could test the 3.05% to 3.00% area in the near term. We'll obviously have to get past tomorrow's long bond auction first. Position: Short TBT
Pandit Gets an A+By Don Dion
4:24 p.m. EDT Pandit got a solid review from a highly credible consulting firm. This fact along with the support of Prince Alwaleed bodes well for Citigroup (C - Get Report). We didn't need another bank CEO search at this time. It's also relevant that Pandit, who is not in need of a paying job, is hanging in there and swinging the bat each and every day. Class acts are usually good for stock prices. Position: None