The $14bn 30 yr bond auction did not go well....

Following the auction, the 10 yr Treasury note yield rose above 3.30% and the price of the FN 4.0 MBS fell from 100-01 to 99-22 (faster than Dodger's fans turned on Manny Ramirez).

This could flip in a matter of seconds as buyers flock to cheaper prices...STAY TUNED