Da Reuters
US Treasuries edge narrowly higher at midday
Wed Oct 13, 2004 12:33 PM ET
By Ellen Freilich
NEW YORK, Oct 13 (Reuters) - U.S. Treasury prices moved narrowly higher on Wednesday as an earlier bout of profit-taking turned into a chance to buy securities, traders said.
Bonds weakened early in the session as lower crude oil prices undermined the view that higher prices would curb consumer spending and economic growth while slowing the pace of Federal Reserve interest rate hikes.
"The lower (Treasury) prices presented a buying opportunity," said James Caron, fixed-income strategist at Merrill Lynch Government Securities. "There's no new data driving anything; it's a bit of a post-payrolls hangover. The September payrolls number was weak, the market is just reconciling that."
Bond prices rose on Tuesday as oil prices climbed because traders reason that higher oil prices could crimp consumer spending, cool the economy and slow the pace of monetary tightening by the Fed.
New York oil prices (CLc1: Quote, Profile, Research) touched $54.45 per barrel before subsiding, but Caron was somewhat skeptical of the view that the downtick in oil prices very important.
"Oil did come off its highs; it's now $52 a barrel," he said. "Technicians are talking about a near-term top in oil. That's the talk, but $52 is still expensive so I don't know that it's that significant."
Analysts said the market was looking forward to a clutch of substantive economic data due on Friday, including September retail sales, industrial production and producer prices.
"There's a little bit of data on Thursday, but the juggernaut is Friday," said John Canavan, analyst at Stone and McCarthy Research Associates. Trade data and jobless claims are set to be released on Thursday..
"Every bit of data will be looked at with a high degree of scrutiny because there's a lot of confusion as to whether the economy is getting better or worse," Canavan said.
Federal Reserve Chairman Alan Greenspan will also be speaking on Friday on the subject of oil.
"That just adds to everything that's going on on Friday, so we're just stuck following oil and stocks until then," Canavan said.
At midday, the benchmark 10-year Treasury note (US10YT=RR: Quote, Profile, Research) was up 1/32 in price to yield 4.10 percent, barely changed from Tuesday. The 30-year bond (US30YT=RR: Quote, Profile, Research) was up 1/32 in price, yielding 4.88, unchanged from Tuesday.
Five year notes (US5YT=RR: Quote, Profile, Research) rose 2/32 to 100-4/32, its yield easing to 3.35 percent from 3.36 percent on Tuesday.
Two-year notes (US2YT=RR: Quote, Profile, Research) rose 1/32, their yields easing to 2.54 percent from 2.56 percent on Tuesday.
U.S. stocks opened higher on Wednesday, but subsequently erased most gains. The Dow Jones industrial average was down 0.37 percent while the Standard & Poor's 500 Index was down 0.38 percent. The Nasdaq Composite Index was up 0.28 percent.
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la sveglia ormai è quotidianamente alla mia alba 
se ci vai sul serio ti mandiamo in esilio nel post dei derivati :smile: