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@PandaWarrior: +21 tic move in the ZB on the results ( not me , the bonds) - heavy foreign demand
5 yr note auction - Indirect bidders, a group that includes foreign central banks, bought 53.0%, versus 43.9% in recent sales. Direct bidders, which include domestic money managers, purchased another 3.6%, versus an average of 17.1%.
bonds now leading the yen
es would not trade lower on yen and bond weakness and i was having a hard time buying them, so i got long the es before the auction results
Euro, yen, pound, aussie, cad, franc, krona, all of them getting hammered and neither ES nor notes budging at the moment. I suppose my attitude should be "that's some useful information" but at this moment it's "damn"
how about looking at a different statistic. look at your ratio posts and thanks received. it's about 3.57. now look at the most valuable poster @Fat Tails: his ratio is "only" 2.16. for me that's an indication that members really like what you post.
and then there're visitors like me. I'm not reading journals for learning or making a comment about the trades (most of the time anyway). I like to see if I can add some worthless input.
1) This does not seem like a very good auction. Maybe average at best. So, why such a positive response from the bond market after the auction?
2) "I was having a hard time buying them" -- buying which one? Also, if you are saying that your bias was short equities (which I suspect it was but I'm not sure), can you briefly talk about the mindset that it takes to shift your bias and go the other way, particularly if you are buying pretty well off the lows?
@josh: 1) true dat - The bid-to-cover ratio, which measures the dollar amount of bids versus the dollar amount of bonds actually auctioned, came in at 2.45, down from 2.79 at the May auction – marking the weakest demand for 5-year notes since September 2009
however, I think it was the surprising number of foreign investors buying bonds that rallied the bond market
53% of the notes at today's auction were awarded to indirect bidders, a group of investors that includes foreign central banks. That marks the highest share of a 5-year note auction going to indirect bidders since January 2010.
2) I was refrring to the ES- I shifted sentiment because I saw the ES was not trading lower on weak bonds and a weak yen
I was short the ES and i was trying to cover but was having a "hard time" doing so
whenever it is dificult to buy/sell you know the market is going higher/lower
i finally covered my shorts @ 92.75-00 and got long at 93.25