Just a quick update as we are minutes away from the results of today’s 40 billion 10 year note auction

Just a quick update as we are minutes away from the results of today’s 40 billion 10 year note auction.  The market has slipped a touch, primarily due to hedging in front of the issue.  10 year note down 8/32’s (yield 3.75%), MBS off 5/32’s, and stocks up 33 points on the Dow.  The $10,000.00 question is who will or will not show up to buy the auction.  Deficits, taxes, unemployment, etc. etc. combine to make traders nervous.  Bid to cover and Indirect buyer percentage will be the key.  Expect a sharp pickup in volatility once the results hit the tape.  Both hands on the wheel as we approach the high noon cst data.

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