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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: Lucretius who wrote (40086)5/10/1999 4:37:00 PM
From: John Pitera  Read Replies (1) of 86076
 
lets see how the bond's fair in the auction this week. Many times we'll have bonds sell off the first day of the auction, and most likely the second day as well. The Bond market rallies about 80% of the time after the 3rd leg of the auction on Thurday. when they
get the results on the 30 yr auction.

the length of the tail on the 30 yr auction will be interesting as that will tell us about demand as well.

(the tail is the distance in basis points between the highest big price accepted and the lowest bid price accepted for the bond.
since it's a sealed auction some may buy at say 5.79, and if there are not enough buyers there, then some will get to buy at 5.80 or 5.82 if there are not enough bids at higher prices/ lower yield levels)

For the benefit of anyone who is uncertain what a tail on a bond auction is ..of course Luc I know that you know this -g-
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