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The market is poised to open higher today on Wal-Mart news. It looks like the ponzi scheme is rotating into retail. It should help out the GS play unless\until a subprime bomb drops. From Reuters

http://today.reuters.com/news/articleinvesting.aspx?type=bondsNews&storyID=2007-11-13T130955Z_01_N13285892_RTRIDST_0_MARKETS-BONDS.XML


NEW YORK, Nov 13 (Reuters) - U.S. Treasuries fell early on Tuesday as stock futures pointed to a stronger equities market open after higher-than-expected profit at Wal-Mart Stores Inc (WMT.N: Quote, Profile , Research) and amid limited economic data.
Benchmark 10-year note yields, which move inversely to prices, briefly touched two year lows overnight before traders took cues from the higher stock futures to sell bonds. The bond market was closed on Monday for Veteran's Day.
Wal-Mart, the world's biggest retailer, exceeded analysts' quarterly profit expectations and said it expects earnings to improve in the fourth quarter. That helped to boost expectations for the overall economy and knock down bond prices.
"Stock futures have moved higher and that seems to be distracting from some of the demand for Treasuries," said Matthew Moore, economic strategist at Banc of America Securities in New York.
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The 10-year note was trading 8/32 lower in price for a yield of 4.24 percent against 4.21 percent late on Friday, while the two-year note was trading 3/32 lower for a yield of 3.46 percent against 3.41 percent.
While investors will have a look at data on September pending home sales on Tuesday afternoon, most expect the numbers to show a continued deterioration in the U.S. housing market, and have already positioned themselves for what most forecast will be the lowest level of pending home sales since records began in January 2001.
The government will also release on Tuesday afternoon its budget deficit for October. But traders were focusing more on data scheduled for later this week, including October retail sales and the October producer price and consumer price indexes.
While waiting for the data later this week however, investors will be watching for any more bad news from financial companies in terms of further writedowns due to problems in the subprime mortgage sector.
The data later this week "won't distract from the issues of the day which remain subprime and credit conditions," Action Economics LLC said in a note to clients. (Reporting by Chris Reese, Editing by Chizu Nomiyama)