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Hammered into the open/rebounds......>

US TSY FUTURES
US TSY FUTURES: Hammered into the open/rebounds after making new lows on very
heavy futures volume (TYH>955k) rebounding, ylds surging/breaking range (2Y
2.144% +.0281, Sep'08 lvl; 10Y 2.718 +.058) despite month end extensions and
potential for large pension rebalancing out of equities into Tsys. Going to be a
busy week w/POTUS State of Union Tue, Tsy refunding annc and FOMC Wed, NFP Fri.
Latest curve update:
* 2s10s +2.822, 56.785 (57.292H/53.220L);
* 2s30s +2.286, 81.396 (81.803H/78.226L);
* 5s30s +0.255, 44.206 (44.450H/42.223L);
Current futures levels:
* Mar Ultra bonds down 1-08/32 at 161-21 (160-31L/162-27H)
* Mar 30-yr Bond futures down 29/32 at 147-27 (147-18L/148-29H)
* Mar 10-yr futures down 11/32 at 121-23 (121-18L/122-04H)
* Mar 5-yr futures down 6/32 at 114-25 (114-21.75L/114-31.5H)
* Mar 2-yr futures down 1.5/32 at 106-19.75 (106-18.75L/106-21.5H)

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