Look at how nice things were before the TREASURY AUCTION GONE AWRY!
For a professional explaining, go to ZH for the details. If you want to hear a nice fucking story, stay here.
When I started in the business circa 1997, I vividly recalled TREASURY AUCTIONS being all the rages. It was probably 1998 when a really bad one caused stocks to CRASH and halt for the remainder of the session. I remember seeing brokers pulling out their hair, unsure as to what to do. No one wanted our fucking bonds and it made people sad. Shortly after that, we had the LTCM crisis and markets really didn’t like that.
Whether this auction means anything at all is a moot issue. The fact that markets responded to it by jacking up rates and crushing down stocks means we are in a new paradigm where every tick on the 10yr matters.
Because I am a wise man, omnipresent and all knowing, I took off my hedges on the initial swoop lower and then reapplied them with even more weight in anticipation for a CRASHING OF THE FUCKING CLOSE.
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