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1. Treasury Market Update

By Tom Graff
2:56 p.m. EDT

We're seeing the 10-year settle in at 3.71% with the yield curve 2 basis points steeper. The gyrations of stocks from -58 to flat doesn't seem to have much effect.

Corporate bonds are firm again, although activity seems to have slowed today vs. Friday. Corporate bond investors continue to aggressively bid for anything being offered.

Media bonds are strong performers today, for instance, one of the sectors I'm most bearish on. I can't see how the likes of Time Warner ( TWX) and CBS ( CBS) remain investment-grade. Remember that at this time last year the New York Times ( NYT) was rated BBB-!

Among the credit ETFs, iShares iBoxx $ Investment Grade Bond ( LQD) is down 0.3%, marginally better than Treasuries. SPDR Barclays Capital High Yield Bond ( JNK) and iShares iBoxx $ High Yield Corporate Bond ( HYG) are both slightly positive.

Long LQD, JNK and HYG.


By Tim Melvin
2:30 p.m. EDT

The real story in the Verizon ( VZ) report to me is the ongoing transition of the company and indeed the industry. The landline business is basically disappearing as more people get rid of the old-fashioned home fun.

I got rid of mine a few months ago when I realized all I ever got on that number were sales calls and political solicitations. All my friends and associates called the cell phone.

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