EFTA00734551.pdf

From: Jeevacation <jeevacationggmail.com> To: Jeffrey M Matusow Subject: Re: Update Date: Thu, 20 May 2010 13:29:40 +0000 Ok to both Sent from my iPhone On May 20, 2010, at 9:08 AM, Jeffrey M Matusow < > wrote: Jeffrey, Risk is off again this morning - Europe stock mkts down 2% and US futures down simiilarly. Like yesterday, the Euro is holding up - 1.2350 while the rest of risk assets sell off. GBP testing the lows of the move around 1.4250. The dividends are trading off 3 points at 88. Swap rates also lower as money moves into USD and Treasuries - tomm we will roll one of the swaption positions which is expiring. Your AUD/CAD position continues to run - 5% move since Apr 28th. I think we should take profit. Ford has 1 year bonds paying Libor + 5.25% which have traded down from 102.50 to par. With Libor rising, let's buy some for a 6% yield for one year. The $SMM Ford we own matures in 9 months. Let me know on Ford and Aud/Cad. Jeff Jeffrey M. Matusow JPMoroan Private Bank I 40 West 57th Street, 33rd Floor, New York, NY 10019 idN'ork: I Fax: I Email IRS Circular 230 Disclosure: EFTA00734551 JI)Morgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with JPMorgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties. This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at EFTA00734552