Univ of Michigan Sentiment

12:17 ET 10-Yr: +21+/32..3.458%.. GNMAs: NA.. USD/JPY: 100.9500.. EUR/USD: 1.5817
Sentiment Says...: Trade is holding in near the best levels, but size has fallen off and the equity elves are up to their mischief again, trying to buy back into better territory. The session may be over however, with the volume having been sucked out and traders stepping to the sidelines. Global bonds are also catching a bid, with the German bund hanging at the best levels since the start of the month. The early GE news helped early while the terribly, terribly off sentiment measure was unable to add much to the bid as the negative whispers in advance took some of the sting out of the number (which hit at the worst levels since 1982. 1982.). The market will have some trouble pushing into much better ground, with the lofty, multi-year highs serving to weigh technically. While the weekend safe haven buying as well as a potentially less useless G7 going down will help to keep a floor under prices. The curve has been leaning steeper, but at a less steep inclination than earlier in the week with the 2-10-yr yield spread now running 171.7. UofM sentiment hit 26-yr lows while trade prices were lofty. The buck was a little offered on the sentiment downside miss but currencies are deferring to ranges mostly. Spot gold is off at 923.49 (-5.51) as is crude oil at 109.34 (-0.77).