Treasury Issues $35 Billion In 2 Year Notes At 0.673%, At A Low Bid To Cover

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Tue, 04/26/2011 - 13:17 | 1208230 Robslob
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So QE 3 already in action?

Tue, 04/26/2011 - 13:54 | 1208380 Urban Redneck
Urban Redneck's picture

Plausible Deniability.

Tue, 04/26/2011 - 13:19 | 1208234 hambone
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Anybody venture to tell me what the fuck we are looking at today -

T's yield falling - equities to the moon

dollar weak - commodities weak


Tue, 04/26/2011 - 13:23 | 1208247 DavidC
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You and me both hambone - I guess Ford's results must prove everything is OK...


Tue, 04/26/2011 - 13:38 | 1208305 hambone
hambone's picture

Treasury market chasing down to 3.31% yield like market is about to crash while stocks on 3yr highs and dollar breaking to new three year lows but nobody wants tbtfd for commodities...not sure if it's just me or if the market shares my confusion???


Tue, 04/26/2011 - 14:07 | 1208432 dogismyth
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Its a rigged market/casino!!  What else do you have to  know.  Even the news is under their control.  Virtually zero bad news today even with all the BS going on over in the ME, Fuku, levees under stress in the Midwest, protests in Iraq, Afghan and Pakistan over US occupation...blah blah blah.  Nothing matters anymore.  All is fair game baby.

Tue, 04/26/2011 - 15:25 | 1208730 ihedgemyhedges
ihedgemyhedges's picture

Oh people, pleeeez.  The Bernank's first news conference tomorrow!!!  HELLO!!!  Yields down = no inflation, commodities down = no inflation, stocks up = ebullient economy.

It's so simple......................Can't embarrass The Bernank, now can we????????

Tue, 04/26/2011 - 14:18 | 1208497 mayhem_korner
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Comex and Asian margin increases have pushed on-the-fence PM riders to the sidelines, and they're parking their money elsewhere in randomized, sheeple fashion.

The most important observation to me is that no matter the intervention, the dollar just can't hold its own these days.  And that's against a basket that includes the on-life-support euro and yen.

Today is one day.  Two days of aggressive bear raids and PMs have "crashed" back to mid last week.

Tue, 04/26/2011 - 13:18 | 1208238 plocequ1
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 Stocks are up. Thats all you need to know. 

Tue, 04/26/2011 - 14:16 | 1208484 hambone
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IYR to infinity and beyond!  3, 2, 1...get ready for a Robo chart update...

I think I'll buy DRV and it's cousins when they get to zero.


Tue, 04/26/2011 - 13:22 | 1208246 Strategery
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Please verify the identifier QE3. If that is true, these guys are out of control and are willing to steal more value from our pockets. Enough is enough. It is time to repeal or significantly alter the Federal Reserve Act!

Tue, 04/26/2011 - 13:35 | 1208296 camaro68ss
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um if this is true, time to buy more silver. I think im going to max out my Credit card on silver BITCHEZ!

Tue, 04/26/2011 - 13:29 | 1208268 hedgeless_horseman
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Any truth to the rumor that The Bernank's only props for his speech are a dollar and a lighter?

Tue, 04/26/2011 - 13:33 | 1208281 Threeggg
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Is this PDF frontrunning Benny on QE3 or a headfake, because you know everything that comes out of this guy's mouth tomorrow will be suspect ?

Well, not to the sheeple as it will be gospel.

Tue, 04/26/2011 - 13:31 | 1208291 plocequ1
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Looks real to me.

Tue, 04/26/2011 - 13:34 | 1208298 NotAllowed
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Tyler heres my take:  Silver is down because of op-exs.  Trying to get people to not take delivery.  Also allowing people to buy in at a reduced price because QE3 is now assured.  Also scaring weak hands into selling so the TBTF can buy them out.  Thats why APMEX sent out that letter, they know silver is about to boom.  Also why China is dumping the treasuries, they know QE3 is about to happen, and will not stand for this anymore.  Just my opinion.

Tue, 04/26/2011 - 15:29 | 1208737 earlthepearl
Tue, 04/26/2011 - 13:37 | 1208306 AldoHux_IV
AldoHux_IV's picture

Just a hunch, but may see lower bid-to-covers from the dealers with the shorter dated issues because the long stuff is the potential target of the fed-- monetization has become more precise with the net effect of social class genocide.

Tue, 04/26/2011 - 13:41 | 1208334 slaughterer
slaughterer's picture

Agreed, who wants the short end, when the long end will be targeted in QE3-lite, to aid the mortgage market.

Tue, 04/26/2011 - 14:13 | 1208467 SheepDog-One
SheepDog-One's picture

'Mortgage market' good one!

Tue, 04/26/2011 - 13:39 | 1208327 slaughterer
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Perfect market dynamics for a QE3 announcement headfake.  Even the CUSIP!  For all the traders playing the breakout on the inverse H&S on the ES (many CANSLIM momo monkeys, trading on their IBD cup and handle on the ES), all will not be well if Ben does not pull out a real, authentic QE3 out of the hat.  Perfect time to go short the ES, Russell 2000, Financials, and the bubble commodities--if you want to follow GS, and wager there will be no QE3.  Or are the shorts being set up for another in a long sequence of squeezes tomorrow?   

Tue, 04/26/2011 - 13:44 | 1208336 DonutBoy
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Of what meaning is bid-to-cover when the Fed conducts secret funding operations?  They can put money in anyone's hands for any purpose.  There will be no auction failures.  In my view there's very little information in the metric.

Tue, 04/26/2011 - 13:47 | 1208349 Bazooka
Bazooka's picture

Can someone give a didactic summary of how these treasury auctions work?

What are the meanings of Primary dealers take down, bid to cover ratio, etc?




Tue, 04/26/2011 - 13:46 | 1208354 lolmao500
lolmao500's picture

So... since there's 64 billion in treasuries selling in the next two days... the debt ceiling will be within a few billions or what?

Tue, 04/26/2011 - 14:04 | 1208415 Smu the Wonderhorse
Smu the Wonderhorse's picture

CUSIP QE3!  Oh, that is simply too good to be true!  As Mark Steyn once put it to me, even an apocalypse needs a few laughs.

Tue, 04/26/2011 - 14:08 | 1208447 Sandy15
Sandy15's picture

Can someone call the number on the auction page to ask about the QE3 number?

Tue, 04/26/2011 - 14:23 | 1208508 Silver Bug
Silver Bug's picture

Of course the primary dealer bid was the lowest since 2008, who would buy this garbage unless forced? Especially since China just expressed interest in dumping 2/3rds of theirs on the weekend? Don't worry the Fed will just buy it up and monetize it.

Tue, 04/26/2011 - 14:21 | 1208509 mayhem_korner
mayhem_korner's picture

Puts on eurodollar and a stack of physical PMs.  Pick yer poison, Benny, I've got you covered no matter what.

Joy.  :p

Tue, 04/26/2011 - 14:36 | 1208559 Bazooka
Bazooka's picture

Tyler, Cusip of QE3 to me is a hidden jab at you by Sacks and his NYU interns!

Tue, 04/26/2011 - 14:38 | 1208560 Bazooka
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Tyler, Cusip of QE3 to me is a hidden jab at ZH by Sacks and his NYU interns!

Tue, 04/26/2011 - 14:40 | 1208572 mayhem_korner
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Someone remind me what Greek bonds are yielding to attract investors?

Tue, 04/26/2011 - 14:43 | 1208584 lolmao500
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Tue, 04/26/2011 - 15:27 | 1208741 hambone
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Tue, 04/26/2011 - 15:27 | 1208729 earlthepearl
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IF QE3 is announced does Silver jump?

Tue, 04/26/2011 - 16:21 | 1208958 lolmao500
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It jumps to the moon.

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