It was interesting to see that long term fixed income was down the most in 16 years as of gmt 1430 on Friday from the previous day's close. The move up in stocks from Tues at gmt 1430 to Friday's close was also the highest in 16 years. What a change in the guard this 10 percentage pointer represents. And how typical of summer markets. One takes the hat off to the Europeans and any fellow travelers who were able to orchestrate such a move for their sheer ability to gain such a mechanical advantage with such seeming small strides and words.

William Weaver writes: 

It was fun to watch many dividend ETFs/ETNs (especially internationals) on Friday spike to large premiums over NAV. It was frustrating to find few locates. Larger players were so anxious to lock in higher interest rates in any way possible that they were willing to pay up almost 2% on some issues for fear that waiting for creation on close might lose them points in the underlying.



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