Dow +10 S&P +0.25 NASDAQ +5 - US equity markets opened higher for the 6th straight session it what will be another holiday shortened and final trading week of 2009. Gains are marginal and indices remain close to the highs of the year. Treasury prices are in focus as yields have popped up ahead of $118B in Treasury coupon supply scheduled this week. This afternoon's $44B 2-year kicks off the first of three auctions. The 2-year yield topped 1% for the first time in roughly 2 months and the last time a 2-year auction stopped out above 1% was September. Oil prices continue to trend higher with Feb WTI nearing its best levels in a month just below $79.
- Shares of Apple Inc. are trading at all time highs above $210 as speculation continues to swirl about the product launch in January. Shares of Fannie Mae and Freddie Mac are surging more than 15% after the US Treasury extended their unlimited credit line through the end of 2012. Airline stocks have hit a bit of turbulence after the attempted terrorist attack over the holiday weekend, but many stocks remain not far off of their highs for the year. A group of small airline security plays are getting bid as well including ASEI MAGS OSIS and ID.
- The USD continued to consolidate its recent gains against the major pairs which were garnered last week. Overall the dollar was off by 25 pips against the European pairs from its opening levels registered in Asia. Market conditions remain thin with some currency dealers trying to get an early jump on positioning for the New Year. Usually under such thin liquidity the path of least resistance trade could be a revival of the JPY carry trade (although it has been a bumpy ride trying to revive it). USD/JPY slightly firmer at 91.60 levels but the JPY was softer against other European pair.
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