Talent attracts capital

Trading volumes slowed down significantly in the bond space as we near quarter end.
A look at the past few years' worth of trade data shows that this appears to be mostly seasonal in nature.
Credit spreads were soft (weaker) today with stocks in negative territory.
With quarter-end here and earnings season almost upon us corporate bond issuance will crawl to a halt.
The few bond issues will likely be international corporations as U.S. corporations enter their black-out period prior to earnings announcements.
The U.S. dollar gained to close at 1.33 against the Euro and Treasury bonds closed slightly higher.
Oil prices ticked lower on expectations of increased supply (both the Saudis and releases from the Strategic Petroleum Reserve).
Attending a debt investing conference at the Harvard Club, this player could not help but notice how most of the speakers were very bearish on the markets.
Notwithstanding quarter-end re-positioning, this player thinks that the rally may have legs if everybody has turned bearish.
The market has a habit of turning consensus upside down on its head.
On a positive note, New York's mayor Michael Bloomberg pointed out a pithy truism: talent attracts capital.
While things may not look super rosy, in the greater scheme of things, things are also not quite so bad.
University of Michigan consumer confidence numbers are out on Friday.