With a lot of talk around the European crisis and weird currency moves, Friday’s chartbook highlights currencies vs. the US 10Y rate. Also, take a look at relative performance among select pairs and US yields.
CS Global Investment Returns Yearbook [The Analyst]
Revisiting Zipcar – and analysts that rate them [georgetownjack]
“All models sweep dirt under the rug. A good model makes the absence of the dirt visible.” Emanuel Derman
There’s been a lot of talk buried in the reaction from Friday’s job report and the disparity between the BLS’s report and the ADP report; some people say that it’s irrelevant and offer up a misguided list of reasons. Others seem to recognize that the ADP number is meant to be used as an input into the overall picture and not the end all to be all when it comes to “forecasting” the NFP number. Continue reading
Imagine being told that you need to do something in life and you attempt to do it, but the person that’s very insistent that you do X takes his other hand and actively goes out of his/her way to prevent you from attaining X while each passing moment in time said person begins to label you as “lazy” or not trying hard enough?
It has been an interesting week, so here’s a recap of all the data for the week along with some interesting links for your reading pleasure:
A lot of interesting debate on YOKU by The Analyst
Avaya’s S1 IPO Filing (being a former Lucent intern in the late 90’s I’m pretty intrigued to see how this goes and still disappointed in Patricia Russo’s performance in the past decade)
The argument over at TheStreet.com that tech jobs are plentiful, yet talent is not and my original rebuttal that talent is plentiful, it’s the employers who are being excessively picky.
Today’s Auction Results:
2Y – Yield 0.56 vs. 0.673 (4/26), last 10 0.612, Indirects: 31.29 vs. 37.86 prev, last 10 33.11, Bid To Cover: 3.46 vs. 3.06, last 10 3.379, Coupon: 0.50 vs. 0.625
4 Week – Yield: 0.035 vs. 0.025 prev (5/17), Indirects: 25.65 vs. 20.23, BTC 4.60 vs. 4.55, Coupon: 0.036 vs. 0.025
I’d rate today’s 2Y auction a solid B. Indirects were a bit lacking in this one, below the last 10 average, however the jump in overall participation (BTC) was encouraging. Bonds are rallying on the long end after the auction.
Another interesting note is the short end (bills) have seen yield/coupons rising as of late. This week’s previous bill auctions (13 & 26 week) also saw higher yields/coupons vs. earlier this month – bills vs. notes in flattening mode (albeit slightly).
Updated: Historical Auction Stats and Issuance Calendar [GDocs]
Interesting Reading: Futures Are Safe by Mike Wilkins [Sungard]
Much has been written about Goldman and the Timberwolf deals since the now infamous “shitty deal” showdown between Senator Levin and GS officials last fall. In reading the majority/minority report issued last week in its entirety, there’s a few things that really stuck out to me. Continue reading