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Steel Wool


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the opposite of Bull mrk behaviour...

 

in bear markets the tops are slow to form, the declines are hardly noticed b/c they unwind slowly, the rally pops (corrections) come out of the blue, get everyone's attention, scare the bears, lure the bulls, then slowly fade away again.

 

Do not be fooled, most do and this is what causes this endless pattern.

 

Short stuff you can live with.

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Total is a net 6B drain for today.

 

 

Open Market Operations

Temporary Open Market Operations: 01/09/2003

Maturity Date: 02/06/03

Delivery Date: 01/09/03

The Desk has entered the market announcing: 28-Day RP

Temporary Operations Statistics:

Treasury Collateral Operation Agency Collateral Operation Mortgage-Backed Collateral Operation

Weighted Average Rate

1.230 NA NA

Stop Out Rate (Lowest Rate Accepted) 1.230 NA NA

Highest Rate Submitted 1.240 1.260 1.270

Lowest Rate Submitted 1.170 1.230 1.250

Total Propostions Submitted (In $Bil.) 24.150 16.550 9.900

Total Propositions Accepted (In $Bil.) 3.000 0.000 0.000

 

Total Money Value of Operation (In $Bil.) 3

 

 

Temporary Open Market Operations: 01/09/2003

Maturity Date: 1/10/03

Delivery Date: 1/9/03

The Desk has entered the market announcing: O/N RP

Temporary Operations Statistics:

Treasury Collateral Operation Agency Collateral Operation Mortgage-Backed Collateral Operation

Weighted Average Rate

1.284 NA NA

Stop Out Rate (Lowest Rate Accepted) 1.280 NA NA

Highest Rate Submitted 1.290 1.300 1.300

Lowest Rate Submitted 1.250 1.280 1.270

Total Propostions Submitted (In $Bil.) 26.000 9.300 1.550

Total Propositions Accepted (In $Bil.) 7.750 0.000 0.000

 

Total Money Value of Operation (In $Bil.) 7.75

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the opposite of Bull mrk behaviour...

 

in bear markets the tops are slow to form, the declines are hardly noticed b/c they unwind slowly, the rally pops (corrections) come out of the blue, get everyone's attention, scare the bears, lure the bulls, then slowly fade away again.

 

Do not be fooled, most do and this is what causes this endless pattern.

 

Short stuff you can live with.

Disagree, 12/2 wasn't slow to form, it was a blowoff on the open... not a cascading continuation of higher highs.. the thing blasted over 9000 on the Dow then headed for the corner of the ring like a wet chicken...(prolly a victim of Maria's orgasm). You wait for confirmation on a blowoff top, you'll lose a good percentage of the move on the way down... Of course it's tough when you already committed to a short too soon... but there's always the opportunity to raise it, if you are lucky enough to spot the blowoff... We're not close to it yet, JMO - FWIW... I'm out here.

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