The market has been under a little pressure all day, primarily due to hedging for today’s 10 year note auction (21 billion)

The market has been under a little pressure all day, primarily due to hedging for today’s 10 year note auction (21 billion). The market seems to be set up for consolidation, but one that will take the yield only a few bps higher. Traders will most likely buy the dip and then repeat the process tomorrow for the 30 year auction (13 billion).