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Weak 4 Week Auction Anticipates Tightening; Direct Take Down Greater Than Indirect For First Time; Highest Yield Since August
Today's $31 billion 4 week auction produced another record. The indirect take down was a disappointing, and all time low, 13.2%, compared to a YTD average of 28.5%, while directs surged once again, hitting a new record high take down of 21.7%, with average YTD take down of 9.6%. The indirect hit ratio was 82.8%, with Indirect tenders to bid only $4.9 billion, with a $4.1 billion award. Most notably, for the first time in what appears history, the Direct take down was greater than the Indirects. At this point it is meritless to speculate who the directs are which now control nearly a third of every auction. Otherwise, the Bid To Cover was 3.79, down from 3.90 previously, and the lowest BTC Year To Date. This was accentuated by the High Rate of 0.135%, which was the highest since August of 2009. In a nutshell, the market is starting to look at tightening as a real threat. Next stop: flattening.
Indirect take down drops below Direct for first time:
Bid to cover lowest since November; High Rate highest since August:
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the direct would have been higher but bernanke had to buy some greek bonds.
maybe a few from spain and portugal too.
oh, and keep buying stocks, truly the value play of the last 100 years lol!
Yeah, more risk taking and less cash management. It's the only way to fly that helicopter.
I'm singing in the rain
Just singing in the rain
What a glorious feelin'
I'm happy again
I'm laughing at clouds
So dark up above
The sun's in my heart
And I'm ready for love
Let the stormy clouds chase
Everyone from the place
Come on with the rain
I've a smile on my face
I walk down the lane
With a happy refrain
Just singin',
Singin' in the rain
http://www.youtube.com/watch?v=rmCpOKtN8ME
I was expecting "A Clockwork Orange" ;)
I considered it but I preferred the original. But I don't wish to disappoint the rabid ZHer's. :>)
http://www.youtube.com/watch?v=y2a73Z-cTMo
I think we are closer to the second time that he sang that than the first.
http://www.youtube.com/watch?v=mQzR3IBH-c4
I can imagine that expression is very much like the one on China's FX manager when he saw the US had started printing money like a drunken sailor with a high quality photocopier.
As long as I imagine the Clockwork Orange version, I'm right with you, ironically speaking.
Love that movie. Love me some Gene Kelly. The magical Gene and his sidekick Donald O'Connor. What a pair.
Only outdone by the acrobaic swordfights in The Three Musketeers. Man, what a dancer!
ANOTHER FAILED AUCTION. What the hell is the count...8? 9? 10!? I am losing track.
Not to worry - plenty of 'household' buying to cover the gap left by the lack of indirect buying. No consequences here, nothing on the horizon but rising stock markets, low inflation and low interest rates. Things couldn't be better.
LOL. I agree, 39 million households on food stamps and the 22% of the unemployed need to invest in safety.
One day closer to the collapse of the empire.
http://finance.yahoo.com/tech-ticker/americans%27-mistrust-of-govt.-is-r...
This bozo thinks that what Americans think of the tax and war arm of the vampire squid should be "corrected" instead of the government actually representing the people.
.
This does look like tightening...so what's the play, frontrun the 215 and long DZZ?
Tightening? Dream on. That mysterious UK guy will take up any slack. Guaranteed.
This is just a hint as to what is to come. First the bond panic, then the real panic. Wait and see...
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