Mixed signals from the 7yr Auction results as the high yield was 6bps over current trading with 91% coming in at high.  At face value, not so good, but bid to cover was a healthy 2.63 which is the key component causing improvements at the moment.  17.46 bln is good for over a 60% indirect.  A bit better than I was expecting.

Given the overhedge from this AM, bonds are understandably improving on the not-at-all horrible auction.  So again, that's "so far so good" as far as these auction results as can be seen in the ticks below:

Looks like the verdict may already be in...  Would you be terribly surprised if I told you this has brought us back EXACTLY in line with the most prominent internal trendline of the week representing higher lows from the beginning of the week and the ceiling levels from this AM? 

How we doin?