He's got a brand new car
Looks like a Jaguar
It's got leather seats
It's got a CD player, player, player
--Feeder
Multi-month downtrend in 10 year yields has been decisively broken. TNX is approaching near term resistance just below 17 (1.7%).
Action in bonds corresponds to the SPX moving thru 1400, and first Fed repos since 2008.
position in SPX
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A repo man spends his life getting into tense situations.
~Repo Man, 1984
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