Well, they they closed out their NoB's this morning and booked a nonchalant half point. And I was a spectator.
The price action today was a combination of shitty 2y auction and my former employer getting fisted by the market in the long end. I would say a 5y/30y flattener is in order here, supply tomorrow plus long end buyback plus end of month extension. But it might be a bit like peeing into the wind given the flows...
I would agree that the FoB looks alot like the last week in Jan. / first week in Feb. in terms of levels and extension, my preference would be to wait on the beast to establish a trend change in lieu of strictly timing the market per se. The fisting analogy is most apropo.