The Traderszone Network

Stocks remained in the black in early-afternoon trade Wednesday, but were still well off early-morning highs. The S&P 500 was up 1.3% while the Dow Jones industrials rallied 1.4%. The Nasdaq was up 1.2%. Volume grew on the NYSE and was mildly down on the Nasdaq exchange compared with the same time Tuesday. In the stock market today, some of the heavily battered industry groups paced the advance.

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With 11 reported cases and three recent deaths linked to plague, the CDC is warning doctors not to rule it out, NBC reports.

While yesterday’s ugly auction can be attributed mostly to the tumble in repo “specialness” heading into the auction, perhaps as a result of a surge in supply coming from China, today’s just as ugly 5 Year had one catalyst: the one which Zero Hedge broke first last night – concerns about China selling.

As the following table shows, going into today’s auction, the 5Y was barely negative, or -0.01% in repo.

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When the Fed thinks it’s smarter than the market, dark days are coming
One of the rarely-talked-about reasons for the latest market rout market
is a sign that Fed leadership believes it can inspire economic growth by rates.

Markets

• Just how crazy the last few days have been for the markets.

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Results of the US 5-year note auction:
– The notes traded at 1.455% on the bid side in the when issued market ahead of the sale
– Prior sale was 1.625%
Softer than expected demand in the bond sale, which indicates the bond market isn’t quite as worried about the outlook as stocks.

The consumer electronics superstore chain comes through with another blowout quarter, receiving an analyst upgrade in the process.