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). 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
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