The RealMoney contributors are in the business of trading and investing all day on the basis of ongoing news flow. Below, we offer the top five ideas that RealMoney contributors posted today and how they played those ideas.TheStreet.com brings you the news all day, and with RealMoney's "Columnist Conversation," you can see how the pros are playing it on a real-time basis. Here are the top five ideas played today. To see all that RealMoney offers, click here for a free trial. 1. Treasury Market Slightly Lower
By Tom Graff
8:20 a.m. EDT Treasuries are slightly lower ahead of the consumer price index report today. On the basis of the very strong equity market and poor technicals, I'd guess that unless CPI is a big miss to the downside, Treasuries will sell off today. We are basically at a significant resistance level at 3.50%. The next level is a pretty soft resistance at 3.67%. I really don't see any hard resistance until the 3.90s. So it could get ugly. I'm currently at my lowest Treasury allocation all year. Meanwhile, it looks like CIT ( CIT) will get some sort of regulatory forbearance, allowing funds to flow to their Utah Bank. An exchange with bondholders looks extremely likely to me, and that is probably the easiest way for CIT to free up regulatory capital. With bonds recently trading in the $70 area, if they can be retired for $80, that could raise substantial capital. I'd guess that a large percentage of current CIT bondholders are recent purchasers who never envisioned par anyway. No positions.