Baby We Were Born to Run

“In the day we sweat it out in the streets of a runaway American dream,
at night we ride thru mansions of glory in suicide machines, sprung from
cages out on highway 9, chrome wheeled, fuel injected and steppin out
over the line.” Sorry but knowing that each and every one of us own a
piece of GM and ahead of May vehicle sales today I couldn’t help but
sing Springsteen’s ‘Born to Run’. May SAAR is expected to total 9.4mm vs
9.3mm in April and would be 300k above the Feb level which was the
lowest since Dec ’81. April Pending Home Sales are expected to rise .5%
when the 30 yr mortgage rate averaged 4.95% according to Bankrate.com.
The average 30 yr mortgage rate today reached 5.32%, the highest since
Feb 10th and is up 32 bps in a week. Geithner in China basically said
that China still loves us and our treasuries. After a failed 40 yr Gilt
auction back in March, the UK successfully completed one today with a
bid to cover of 2.3.

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