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Tailing 7 Year Auction Is Carbon Copy Replica Of Yesterday's 5 Year
If one had to pick a carbon copy replica of yesterday's 5 Year tailing auction, today's 7 Year probably ranks toward the top. Just like yesterday, the auction priced with a tail to the 2.009% WI, coming in 0.9 bps wider at 2.018%. Just like yesterday, the high yield was a steep drop from the September auction, sliding from 2.24 to just over 2%, and just like yesterday the Bid to Cover slid alongside the yield, with the 2.415 BTC printing at the lowest level since November 2013. Finally, and just like yesterday, the internals demonstrated the same trend with Directs taking down 15.42%, less than the 23.11% TTM average, Indirects ended up with 46.6% or more than the recent average, and dealers left holding 38.0%: right on top of where it has been in the past year. In fact, the only difference from yesterday is that there is no FOMC announcement in less than an hour.
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I dropped a duce this morning that looked exactly like a duce I dropped three days ago. Exactly!
was it a long tail, with strong internals?
Or highly liquid?
The first one sank as soon as it hit the water, strange, this one kinda floated a bit, then sank?
Yawn.
This NY FED priced stock market feels like a game played by kids in which the father tells the older brother to let his younger brother win one round out of every 10 to keep him interested.
The NY FED allowed for a 9% correction (from all time high!) only because it was mid month and was fully reversed by the time retail investors get their monthly statements.
This has become such a freaking h*tshow of corruption and lawlessness, there are no words. Al Capone and the Mafia are nothing next to these crooks.
huge test coming up here - going to see if market can handle QE going away. SPY has got to recapture 202.00-203.00 IMO within the next week or 2 or this is it - long term technicals went on the IWM at 117.5 and are about to go on the SPY if they can't clear 202-203 and soon. just like that ride at 6-flags "the buccaneer"; if we can't make a new high in short order (QE over, bullard layed ground work for QE4, european GDPs coming flat-to-negative), reality sets in and this ride is gonna go backwards & fast. no-way to time it, just have to prep for it (ie. shorten up the duration on the puts IMO). it was always gonna go, just a matter of when, not if. JMO but the trip-wire was when QE ended and rates back-up to anywhere close to 3%; if the fed shits themselves and launches another program then, "credibility" will be lost. i still contend they don't need to do another QE because the market is already doing it for them (ie. bond demand globally is sky-high) but if they launch another bond buying program, i think those who have "bought into" this experiment are going to have to start looking themselves in the mirror and ask "am i on the wrong side of this thing". once that happens and the first guy flinches, with margin debt at an alltime high, all its gonna take is the first real basket of sell orders to trigger this sucker. if the bulls can re-claim 202-203 on the SPY, they buy themselves some more time, but the more time that elapses & they don't, first towel could be tossed in the ring.
anybody else's quotes completely f'd?
funny thing is thats how the last flash-crash started lol
Rick Santelli gave the 3 auctions this week a C- or worse.
Just say-in'
^^^
todays he gave a D+ and i think yesterdays just escaped F in his eyes
he's nailed rates both ways all year