Just because the market is totally insane, the fact that the upsized $24 billion 10 year [3]priced at the lowest yield on record, or 1.855% (just inside of the 1.86% When Issued): a glaring indication of fleeing from all risk and into safe-ish collateral in a world of reyhpothecated junk, will likely send stocks higher. The fact that the bid to cover came at 2.90, or the lowest since November's 2.64 will be ignored, even though this is important and indicates buyers were dragged into the auction kicking and screaming. In terms of the internals, the Dealers took down 45.5%, Indirects: 38.7%, and Directs 15.8%, all more or less in line with average. The algos will now process the headline, be completely confused, and buy the S&P even as total US debt crosses $15.7 trillion.
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