Am I the only one playing the 800 level from both sides? I think we may have started our descent to 765 area. These failed treasury auctions in USA and UK are major events. Unless it's anomalous this augurs HIGHER INTEREST RATES at a time when the economic contraction is getting worse. You really think the Fed can own the entire long end of the Treasury curve? I don't think so. I hope I'm wrong but this could be the BEGINNING of a huge downward move. Anyone have a TECHNICALLY or FUNDAMENTALLY oriented opinion of this break? GL!
In the UK, for the first time in SEVEN YEARS, they failed to attract enough capital to buy their bonds. They fell just short of their auction target. It's an ominous sign. Here in the US our $34 billion auction didn't attract as much buying as anticipated, driving up yields, which is negative for stocks & consumers.