Auction came right on the screws, which, in spite of the relatively small indirects number, suggests it was actually strong.
ic is very correct, say away from the cash if you do not understand the futures. whole different ballpark.
Interesting. Auction did come right inline as expected. Wonder if the Us Gov't threw a party of hookers-n-blow for Asian buyers from the missing 9/11 Pentagon funds. On a serious note, I am quite surprised the Auction went so (relatively) well.
Bigpipn, maybe that would explain why someone had a nice lunch sent in for us today.... seemed odd that it went so well though, bucked the post auction trend it seems.
Yes, ZN took off at 1pm. A nice filet to munch on. Zn about to print a 13 count sell on 15m--time to give back some gains. Trend bucked again--the ponzi scheme lives to see another day!
Why you surprised? Firstly, the dealers cheapened it up nicely into the auction. Secondly, there will be no UST supply for a couple of weeks now (TIPS don't count). Thirdly, it's month/qtr-end time, so there's a natural need for duration. Fourthly, the Fed's buying again next week. This result was not a surprise.