TBT - Update

The $14B 30-yr auction was not very pretty, the demand was there in that the 2.14 cover was solid, and the 33% indirect bidder participation rate decent, but the demand for more yield for 30-yrs of risk pushed it to 4.288%. Treasuries got crushed in the wake of the results with the 30-yr hitting the worst levels since mid-Nov, dropping to add 8.3 basis points since they hit. The 10-yr has been slammed as well but saw only 4.5 bps in yield, running off to hit the 3.3% point.

The TBT trade has now achieved my near term target of $51-$52, broke above 200 dma and on its way to close the November gap to $56.