13 billion of 30 year bonds just hit the tape.  Yield 3.852% with a whopping 3.2 bps tail.  Indirect Bidders and Direct Bidders took 41% of the auction, leaving the street to mop up nearly 60%.  Bid to cover stunk at 2.47 to 1.  Overall, this was not a dog but a pack of them.  Give it a D just because we hate to fail anybody.  Bonds, notes, and mortgage backs are trading fast market conditions with the 10 year off ½ point  and the bond down over 1 point.  MBS now off 5 to 7/32’s.