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$24 Billion 10 Year Prices At 2.636%, Bid To Cover Drops, Indirects Surge To Record
Today's $24 Billion 10 Year auction priced at 2.636%, a yield that just like all other auctions recently has moved higher than recent record pricings. Yet not all was well: the Bid To Cover dropped from October's 2.99 to a 9 month low of 2.80, the lowest since February's 2.67. Yet what is arguably the most interesting aspect of the auction was that Indirect participation surged to what appears to be a record high of 56.6%, pushing out the Primary Dealers (34%) and Direct bidders (9.4%). If last night's rocket launch was indeed there to send a message to Asia, it certainly succeeded. And now all the eyes turn to the 30 Year tomorrow, whose yield continues to go higher with every day, as the New York Fed will soon be forced to announce that it will be bidding up the long-end as well or risk losing all control over LT inflation expectations.
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One final buy before the POMO machine goes into overdrive?
Headline from worthless msm:
Not that there would be any US debt fear, hmmmm???
China Downgrades US Again, From AA To A+, Outlook Negative, Sees "Long-Term Recession", Blasts QE2, Expects Creditor Retaliation:http://www.zerohedge.com/article/china-downgrades-us-again-aa-outlook-ne...
Also, Brian Sack would like everyone to know he will now be formally known as "Sackman".
An Advance Look At The Upcoming POMO Schedule: Up To $130 Billion In Hot Brian Sack Liquidity Injections In A Monthhttp://www.zerohedge.com/article/advance-look-upcoming-pomo-schedule-130...
The 29 year secular bond bull market ended last month. Fireworks to come!!
The old adage, 'don't fight the Fed' - will get an addendum - 'unless the Fed is fighting the Treasury!'
Girl fight!
Flash crash coming....
Yeah, looks like it is in gold and silver.
The EE is working hard to hold below 1420 and 29.
The EE is going to be the one who breaks the system if they continue to throw EVERYTHING into the inferno, which they are currently doing.
GOLD BUGS, ths top is in!!!ahahah
Give them hell, JPM
What would JPM do? Dow 5k, gold 5k? Or Dow 10k, gold 10k? Or Dow 1k, gold 1k?
The top may be in, but your continued pathetic (and incorrect) calls to date have not made it so. Why should we believe you now?
Dude, I'm not Johnny Bravo, I just have a Johnny avatar.
I am just angry because I don't own enough bullion to balance my cash stash out.
Gold longs on margin, grab your ankles and hold tight! lol
Na, the EE just wanted to buy lower than anyone else had today, that is all.
Isn't the surge in indirects a bullish sign for Treasuries? Should mean the price will rise and the yields will drop, no?
Gold bugs everywhere: coil into fetal position.
In order to monetize debt, there has to be debt to monetize. Isn't China forced to purchase treasuries in order to keep a collar on QE and hence exchange rates? Theoretically you couldn't have QE if China, or any other unwilling seller, held every treasury that was issued.
The top may be in, but your continued pathetic (and incorrect) calls to date have not made it so. Why should we believe you now?
Dude, again, I just have a Johnny avatar to confuse everyone. My old avatar used to be a naked chick.
To be brutally honest, your avatar has not confused me at all. You are still a Napoleon in drag.
"A napoleon in drag" What the hell does that mean?
My cousin Johnny Bravo has just recovered from a coma and asked what the price of gold is. Should I tell him 1400 or just that it's falling?
OMG!!!!
Gold is crashing... all the way back to where it was just yesterday...
LOL
what a fuckin rebound in silver...from even to +2% in just like that
These markets are really a joke.
Santelli actually mentioned frontrunning POMO a while ago. Will his CNBS handlers put up with that?