Treasuries had a nice move today as everyone in the hedge community loads up on the long side. The hedge monkeys will do one thing until in hurts and treasuries are their current flavor. Hunting for big returns has been replaced by the hope of that the client returns. Alpha now means being satisfied with traditional benchmark performance.
The markets are range bound until next when they either test the low or try to close over the August 8th highs. Either way there will be some swings with volume greater than the last ten sessions.
