No market activity to speak of over Sunday night as the U.S. government shutdown continues into a second week. Minor gap down open in the S&P doesn't appear to have triggered any panic. Apathy reigns. No other themes standing out for me at the mo. So we march forward onto the 17th and Debt ceiling issues.
TY
Bunds likely to open a little higher maybe testing 140.00 infornt of 140.08 then up to 140.40 area. Abreak above the 40 area will have me concerned for my Steepener trades. Downside still see 139.73 as first support then 50.
€ curves looking very mid range. My plan is to fade dips and put on steepeners for quick money. But there is plenty of upside room in the bunds so treading lightly.
€ teds have been heavy into October as the idea of a new LTRO was put on the back burner by the ECB and Credit spread fears hit the US. I think these offer good value. I shall probably be looking at buying dips here too.
Good luck
Lee
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