Tribal Cap, Daily Cash and Futures, 5/22/19
Pls see the attached PDF for today's pivot & ATR targets
* Week over week, the front end has been the laggard and currently 2s are 8.38bpts higher in yield (2.2434% vs 2.1596%) and have seen a 12.3bpt hi/lo range. Futures have really lead the sell off and it seems like the large volume (block) buying that took place in TU on May 8th, 9th and 10th may be seeing a bit of unwinding. Interestingly, 2yr swap spreads lead on the way down in rate then and remain resilient to the sell off yesterday. In fact, 2yr spreads closed yesterday tighter than 6bpts for only the 25th time in HISTORY.