Feb 11. This week brings State of the Union and Retail Sales

–Not much net change Friday in US rates.  This week brings 3, 10 and 30 year bond auctions beginning Tuesday.  State of the Union speech is Tuesday evening with Obama expected to focus on job creation through more spending on infrastructure, clean energy and education. Again.
–Also Tuesday morning is NFIB’s small business optimism reading, which has been probing some of the lowest levels in survey history. http://www.nfib.com/research-foundation/surveys/small-business-economic-trends
–Wash Post reports that Obama “is considering a series of new executive actions aimed at working around a recalcitrant Congress, including policies that could allow struggling homeowners to refinance their mortgages, provide new protections for gays and lesbians, make buildings more energy-efficient and toughen regulations for coal-fired power plants…” http://www.washingtonpost.com/politics/obama-weighing-executive-actions-on-housing-gays-and-other-issues/2013/02/10/e966cc06-7065-11e2-8b8d-e0b59a1b8e2a_print.html
–That’s how it starts.  Fast forward:  Venezuela devalues and Argentina freezes grocery prices.  Russia is following a different path having used oil revenues to amass “570 metric tons of the metal in the past decade” according to Bloomberg. “The more gold a country has, the more sovereignty it will have if there’s a cataclysm with the dollar, the euro, the pound or any other reserve currency,” Evgeny Fedorov, a lawmaker for Putin’s United Russia party in the lower house of parliament, said in a telephone interview in Moscow.
–In an otherwise quiet day Friday, there was continued accumulation of Short Dec 9937 straddles at 30.5.  Must have about 15k now. There was also continued liquidation of gold June puts.

Posted on February 11, 2013 at 5:28 am by alexmanzara · Permalink
In: Eurodollar Options

Leave a Reply