Jorma

Do you have a seat of the pants current number on the delayed auctions. I guess we don't know the current Treasury surplus number. The last reported one was in the $350bn ballpark?

Sure gives the Fed tons of breathing room.

Treasury Dept falling all over itself saying China issues are are a process nowhere near done. Meanwhile Munchin's friends and Trump Org, Ka Ching. Unless they are total idiots. Is the CFTC and the SEC funded? Oh, never mind.

Or, there was 2640. Let em break through it.

If not Trump it could be someone worse, or marginally better. He being gone doesn't end that America isn't what many want it to be or pretend it is. The walls are going up. You made the proper decision to leave on principal. It's best to fight letting this stuff occupy ones mind.

That's minus-chin. He may not be Kurk Douglas chin wise he isn't exactly a chinless wonder like our Senate leader McConnell, who actually has more of a neck problem

Then he knows he should let the Treasuries surplus run down in the near term after the shutdown ends. Do not discount it could go on for a couple of more months. Insane? Whatever.

I'm surprised T bills rates aren't falling. It makes one wonder what they would have done without the shutdown. More and more the shutdown looks like it was a Godsend for the markets.

For a day or two, maybe.

My feed shows a very weird gap up in VIX on the open. May mean nothing.

Best ever Liquidity Trader report Lee. The shutdown is the unexpected event which is going to prove you right to people who just can't see it. I suppose the previous significant shutdowns could be seen in the same way but I suspect this time the bell will go off in peoples heads. The effect of ending the shutdown could be blunted if the Treasury decides not to refund its surplus. We have to hand it to TBAC for acting responsibly in a system where everyone is out for themselves. It's almost shocking in this day and age that these people from the likes of C,JPM, GS and the like continue to advise policies which work against their institutions short term interests.

In the big scheme of things it doesn't take much to move stocks when you consider they can be lead higher by futures and derivatives. At least within an old range. I noted that last Friday and this AM in China the SSE opened lower and then up it went. Nobody doubts the National Team calls the tune there and everyone loves it. China has been extremely patient as stock have sold off over the last year. As opposed to us where the whining never stops . I also was bitching about how China is saying it will have $650bn in local government credit extended for infrastructure while we have none. That is wrong. Between Munis and what the Fed spends it may come close to that. The thing is they get a lot more bang for the buck with it.

There is still going to be that tricky period between economic slowdown and Central Bank printing. Who knows, maybe preemptive printing can save the day. Japan is on deck. ECB haven't heard a thing. Old fuddy duddy Powell, no way. Or is there?

Perfect. If it stops there. Melt up as things fall apart, Brexit/EU crack up/failed governance of the US, has to be considered a possibility.

Our friends the giant banks are on fire. C up 4% today.