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Getting Ready For Thanksgiving

20 November 2015 by lberuti

It was a quiet session to end a pretty strong week. Credit indices reversed today a portion of yesterday’s weakness. They felt relatively offered all day, and spent most of the session in a fairly tight range. Investors were busy trimming unwanted hedges and were squaring position ahead of the week-end, knowing that they should expect thinner liquidity in the coming sessions as Thanksgiving will cut the last part of next week. As a result, credit was somewhat immune from the broad price action in risky assets which proved quite volatile. People still have the next ECB meeting in sight, but given the extreme levels of the bases across the board, there might be more to gain on single names than on indices.