Holly S. Liss, vice president at CITI, says bond traders were pricing in a Fed easing, but that is no longer the case, given such factors as the unexpected rate hike by the central bank of New Zealand, strong U.S. economic data and continuing inflation concerns. “These markets tend to sell off quicker than they rally,” she says, “Every one got out.” In July, she sees support at 104-06 and resistance at 108-09 to 109-17. “It’s not a lot of resistance. It’s more likely to be a vacuum in there,” Liss adds.
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Financials
Facebook 11% drop means Morgan Stanley gets blame for flop
After one of the most anticipated initial public offerings in history, Facebook’s 11 percent drop yesterday prompted investors to fault everything from Morgan Stanley’s role as lead underwriter, to the company’s greed and the Nasdaq Stock Market.
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ETFs
Silver mining stocks rally along with silver prices
After falling for multiple sessions, silver rallied last week and provided a boost for ETFs heavily invested in silver companies.
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Forex
New Zealand dollar snaps six day losing streak
The New Zealand dollar is the top performer against the greenback with an advance of 0.52% at the close of European trade.
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Options
Facebook options will list on ISE on May 29
The options listing date is contingent on a successful completion of Facebook's initial public offering on Friday, May 18.
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