Trading This Day
Market opened higher. Stayed higher. Had virtually no range.
Commodities opened higher, traded higher. Boring.
Action was in the Treasury market. At around 8:28, the Fed announced they were selling 10B of securities a month. Not just any old securities, but mortgage backed securities. The floor dropped out of treasuries. They spent the entire day crawling their way back. It looked like the street was trying to pick tops and then getting run over.
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