44 billion of 2 year notes hit the screen to yield 1.024% with 31% going to Indirect bidders.  The “street” took 21.4% while the issue grew a 1.4 bps tail.  Bid to cover was 3.03 to 1 versus an average of 3.19 to 1.  Weak indirect bidding, good sized tail, and below average bid to cover make this somewhat of a dog.  Give it a C, best case.  Post auction, treasuries and mortgage pricing have taken a dip.  Stocks coming back from the abyss has not helped our case either.  Technically, the rally today has formed a high volume area at 117 21 (yield of 3.68%).  The market will need to close above this level (below in yield) or at least stay near that level to confirm a near bull trend is in the making.  Given that so may outside influences have played a factor today, we view the move as somewhat suspicious.  Not saying that we’re going to reverse in any huge way.  Just cautious about any further advances (rally).  Keep that in mind as the day progresses.  If you have a minute, catch some of the Goldman executive grilling.  Great theater.