Sorry folks but it's a busy morning here...overnight turnover is shaky (again?) but the trend is friendly since we took out the low $1380s resistance yesterday around noon. GSR essentially unchanged ~44.90 and option vols remain lower in the league tables than the Cleveland Cavaliers. However as we pick though these lately uninspiring tea leaves an occasional nugget (mixed metaphor?) appears. Open interest as of Tuesday, which was truly sloppy in its activity, actually rose by ~8,000 contracts...stealth buying. Today offers lots of road signs and bread crumbs to follow and in no particular order and all with provocative inflationary sensitivity please note the rising TED spread, the UST TIPS auction, Irish election rhetoric, and of course the spin we are sure to see on the imminent announcement of US CPI. New target: The low $1390s.
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