This could be pre-auction hedging pressure or the makings of a poor auction. Heads Up!

Weekly Unemployment Claims hit the tape this morning down 10K to 570K.  Continuing Claims also dropped to 6.133 million (down 119K).  The drop on both indexes does little to brighten the employment picture as claims remain high and continuing benefits run out for those in that period of Feb 08 to March 09.  For the most part, the market continues to be quiet.  Traders seem to have tons of opinions but very little conviction.  Something like Yogi’s line “when you come to a fork in the road, take it”.  We do have a 7 year note auction that will hit the tape in 10 minutes.  Watch this one as it can be a market mover.  In front of the print, the 10 year is slipping (off 3/32’s to yield 3.45%), mortgage backs off 2/32’s, and stocks down 3 points on the big board.  This could be pre-auction hedging pressure or the makings of a poor auction.  Heads Up!

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