Treasuries have been under pressure most of the morning as the risk trade was back on.  The latest news regarding the Euro zone’s debt crisis was again good news.  Spain announced sharp austerity programs to cut its budget deficits and the EU aims to seek further power over member country budgets.  In a nutshell, the news added more of a boost to global stocks after opening higher.  Stocks have held nice ground today, currently trading up at the highs at +140 points.  While our 10yr has suffered a little more, mortgage backs opened flat and still continue to trade the range.  Mixed conditions are being expressed on price charts by a triangle pattern between 121-015 and 118-12.  The pattern is not bullish, yet not bearish, needing a breakout to confirm a direction.  The lower line, support, has been breached, but a break below the preceding low at 118-225 is needed to boost the bearish case.  We are currently sitting about 118-275 on futures.  The upper line, resistance, lies at 119-07.  Above that area would shift conditions bullishly, but would require a break above 119-13/18 to confirm it.  Directional signals are mixed to say the least.  Treasury has just auctioned off $24bln new 10yr notes, which was reduced by $1bln from the last issue in February.  The issue tailed about .2 bps stopping at a 3.548% yield, which was very good.  The bid to cover was on the lighter side only seeing 2.96% as opposed to the average around 3.04% seen over the last six auctions.  Indirects were right on the button coming in at 41%.    Overall, the auction gets a B from most economists.