OK, the auction of the 10yr re-opening was fantastic... In case you missed the results or were otherwise in need of a bit more explanation as to their magnificence, there was not only a 3+ bid-to-cover, but the HIGH yield was within a bp of WI.
That's normally good for a rally in bonds, especially when yesterday seemed to get a bit bearish ahead of the 3yr auction without ever correcting in grand fashion. And though we have indeed seen a post auction rally, it's not quite as ferocious as we all might have been hoping after results.
With that bounce of somewhere between 3.17 and 3.18, yields never even dropped to the median yield from the auction (which can be seen in the results page above). That is perhaps understandable considering there is yet another auction to come tomorrow, not to mention the impending raft of earnings data (who can forget the almighty ALCOA?!?**). Oh, and it probably bears mentioning that bonds have rallied hard for over 2 months now and become more and more resistant to increasing gains.
But still... It would be nice to see a little more love than we're getting, and the whole ordeal leaves me with the kind of frustrated confusion that can only be analogized by the following scenario...
Think of this as your license for an enraged sense of entitlement. If enough originators around the country start shouting lines from Predator, our unified voices might just carry all the way to the bond pit. And if any bond traders go by "Billy," we'll probably get their attention right away. 3, 2, 1, GO!