John Spinello Quotations

With the post office story and then the talk about the Senate office buildings being evacuated, sure, that got the market re-bid again.

Greenspan's focus on inflation definitely pressured the market. It was definitely a speech on higher prices and about core inflation turning the corner.

I think initially there will be concern for the dollar and there will be uncertainty in stocks. It will not be so bad for bonds . . . Bonds have sold off so much.

That's been an area where people perceive value.

Today the flows have changed. We did see some selling this morning of the back end of the Treasury market and perhaps that's just a little disappointment that the stock market didn't go further below 10,000.

There's not a lot of activity, but the bond was severely oversold (Friday) and without follow-through selling today, we're seeing some short-covering behavior.

The risk at this point is that we get a weak payrolls number. If we get a negative number, that might inspire some pretty violent short-covering.

Right now, the market is well bid and it will take time or some more significant event to make people want to sell.

A safety premium developed over the weekend with what we saw out of Israel and (Gaza) and what we didn't see coming out of Afghanistan and Pakistan.

There's a re-evaluation of the economic landscape that makes people willing to sell, but there's not a lot of people ready to buy right now.

The auction came in right at the market; there was moderate interest, nothing spectacular, but at 1.50 percent (50 basis points above the cost of carry) you can expect that.

It's been fairly quiet and we haven't seen a lot of buying; the market is getting positioned for the Fed on Wednesday.

The volatility that we're seeing is ... (because) greater than 50 percent of the activity is program trading. The swings are really violent.

After the stronger report on manufacturing from the New York Fed yesterday, it definitely reinforces the fact that the economy is doing better.

Investors are still picking up some paper. Yields were bid up last week (but) refunding starts tomorrow . . . the market may be weak going into the flow of supply.

Inventory rebuilding may have begun, with inventories up for the first time in many months. It's probably an indication that you're leaning toward a higher GDP and another sign of the recovery.

The home sales data were on the firm side and yet we didn't see any selling when they came out. We had come close to the low (prices) of Friday's session and couldn't go lower, so that caused a bit of short-covering.

The chain stores sales data is coming in a little bit weak and oil prices are up. That's positive for the bond market, negative for the economy.

The market is in a waiting mode right now.