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$40 Billion 2 Year Auction Comes At 0.738% High Yield, 3.45 Bid To Cover
The $40 billion 2 Year closed at a high yield of 0.738%, about 2 bps inside of expectations of 0.751%. The traditional bizarro day Bid To Cover came in at the second highest in history, or 3.45, lower only to the 3.63 from October of 2009. Not surprisingly, Direct Bidders once again carried the auction, taking down 21.3%, which also was just short of the second highest ever, compared to the 26.14% that the UK based "funds" took down in October of last year. The median yield came in at 0.72% and the low was 0.647%. 70.18% was allotted at the high. Primary Dealer hit ratio was 16.58%, one of the lowest ever as PDs continue to launder the Fed's dirty monetization scheme via prior auction repo cash. All in all, the farce will continue until it can't.
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KING DOLLAR!!!
"The farce will continue until it can't."
No truer words have been written, TD.
Well said, Turd.
T-shirt?
I'll take a XXL for me (I'm assuming cotton shrinkage), L for the Mrs. and 2 M for the kids.
Think of the franchise opportunity!
"May the farce be with you"
Darth Blankfein
Well done, Bay of Pigs!
Think of the franchise opportunity!
Count me in.
The farce is strong with this one.
just heard that Lord Bankflein might come on Oprah..to boost image of GS
Oprah is a foot taller than Lloyd B. God...
That won't look good...
A ZH commenter (I can't remember who) pointed out the camera doesn't like Lloyd and audio doesn't like Lloyd... so Lloyd stay home...
That Morey Amsterdam nasal whine of Blank-dick-fein gets on my nerves, too... Not to mention that shining Cue-Ball...
Powder Lloyd's Cue, Oprah...
Looks like lowest two year yield, ever?!
It was.....and the highest:August 1983-16.25%
I smell a huge market dump on the S&P starting around 2pm, the farce is about get farced.
I don't know. 4 out of past 5 days, SPX has tested the 200 dma and bounced like a trampoline every time. If holds today, I might have to put in some short term buys until end of Q.
back to your old tricks perhaps?
No One Junked You Harry
For mentioning "SPX has tested the 200 dma..."
Junkers must be busy today...
As usual, Harry executed a buy order only to get run over within seconds. So i'll junk him ;)
(Nice call, jk)
Nice fucking call, jk!
Thank goodness for those direct bidders, otherwise who would pick up the unsold 21.3% ? It's an indication of the phenominal strength of the American economy that so many foreigners want to own our promises.
got to keep that bid-to-cover smelling good. just don't look underneath... looking kind of rotten on the bottom.
Anyone willing to provide a brief translation of the whole 'bid to cover' thingy for a green like me?
Is ratio of bid offered to bid accepted. The higher the number, the better. It is supposed to represent higher demand (under normal circumstances, LOL).
"bid to cover"
In a Treasury auction, the number of bids received divided by the number of bids accepted. The higher the ratio, the higher the demand.
If there's a farce it's probably in ZimBen's pants.
Off topic.
What happend to the OSX at 1:45 ? Up 2% in minutes
http://finance.yahoo.com/echarts?s=^OSX+Interactive#chart1:symbol=^osx;range=1d;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined
"LOWEST 2 YEAR YIELD RESULTS IN HISTORY"
Rick Santelli's words not mine. Running around 0.69% and folks, if this is not an indication of an utter and complete laughing in the face of the idiots proclaiming "recovery" and "new bull market" I don't know what does.
No shit. A LOT of scared money out there.
Off Topic:
Tyler Those Expanding Waldorf Ads Have Got to Go
They are as annoying as listening to Timmay G....
Thanks.
Much love, Problem...
How do you find out the Treasury auction schedule and how much they are marketing on each day? I just noticed that the markets crash the biggest on days when the treasury needs to sell more than $100B in one day. The flash crash on May 6th? $143B redemptions on DTS. What about the big one on May 20th? $105B on the DTS. How about about May 27th? $99B. There is money to be made here shorting the afternoon before large treasury sales. How do we find the schedule?
http://www.treasurydirect.gov/RI/OFGateway
So, where is the tidal wave of liquid (money) sloshing? Its not showing up on the side of the economy where it bids up the price and wage level. Into bond?
Gee. On the same day we announced that we wouldn't have a budget this year (ostensibly because the deficit is so bad we'd tar and feather the entire Congress) investors simply couldn't get enough of our paper. I guess this is just another one of those markets, just like the stock market, that's trading on the "fundamentals."
Who buys all this paper? Where can I find a list of names?