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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: Frank Pembleton who wrote (17985)	8/28/2002 2:36:59 PM
From: isopatch	Read Replies (1) \| Respond to of 36161

Frank. Also, some curious financial news. Especially, when you consider that - in addition to the extremely low yields - todays 2 yr Tsy note auction is largest ever. <<US Treasuries up, relieved on solid two-yr auction Wednesday August 28, 1:39 pm ET NEW YORK, Aug 28 (Reuters) - U.S. Treasuries kept a grip on early gains on Wednesday, relieved as a sale of $27 billion of new two-year notes met with solid demand, despite delivering the lowest auction yield ever for the maturity. The Treasury sold the record-matching amount of new two- year notes at a high yield of 2.22 percent -- below where the new issue's yield had been trading ahead of the auction -- and lower than last month's 2.27 percent. Investors placed a higher amount of bids for the new issue than they had on average for the past year, despite the low yields being offered. The bid-to-cover ratio, a measure of demand, came in at 2.26 compared with 1.56 at the last auction and an average of 1.97 for the past 12 auctions.>> biz.yahoo.com As important as Treasury market is to the stability of the clown buck, could we now be seeing some PPT support in this market. Although Tsy paper usually dips moderately before a major auction, US paper - including the key 10 yr maturity - took a pretty good hit yesterday. And today? A very big auction escapes debacle like Houdini, a weak dollar - in recent days - notwithstanding. finance.yahoo.com^TNX&d=c&t=5d&l=on&z=m&q=l IMHO, it's reasonable to be a little suspicious and wonder who the big buyers are?? Isopatch