Fed announced they would buy Wednesday and it started to tank. It was still above where I bought it on Wednesday during the panic and still above my old $39 average.
I didn't want a winning trade to turn into a losing one.
I will short treasuries again but I am all about keep profits these days. It looked like it might take out $44 and if it does that it is probably headed back to sub-40's
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I think I may have gotten faked out today. I should have waited for $44 to break.
ReplyDeleteAs I've said, I think that this trade NOW is depending on the men in the smokey room. We'll see how TBT behaves tomorrow when they make their purchases. Should be interesting.
ReplyDelete"While the Fed said last week its transactions would be concentrated in two-year to 10-year debt, the March 30 operation will target Treasuries maturing from August 2026 to February 2039. The yield gap between 10-year notes and 30-year bonds narrowed to 94 basis points today from 104 basis points yesterday. A basis point is 0.01 percentage point."
ReplyDeleteIt sounds to me like they are buying long bonds!