Tuesday, June 9, 2009
Looking Towards the Treasury Auctions
Seemed like a pretty bullish day today and an invisible buyer wasn't even needed. The big 10 year treasury auction is tomorrow. I can't imagine how the Fed doesn't already have it sold. Alot of worry about it and so it is a important auction. I am sure the Fed has worked the phones and will have it oversubscribed which would make it a bullish event for the equity markets. My thought was that we would sell the rumor and buy the news. So be down yesterday and today and up tomorrow. The invisible buyer yesterday messed that up. Like I said pretty bullish day today. Who knows but I would have to say Friday's slam down which made me think a solid interim top was in has been at this point neutralized. We could easily go down but we may go up. What may be a bigger issue is the 30 year treasury auction on Thursday.