30yr UST Bond Auction Post Mortem...A+ for price action

The primary dealers might have a little extra paper to chew on...but they more than made up for it with the great  performance post auction (already 2 bps in the money).  Makes me miss the warmth of my old dealer seat.  We said that the illiquid market increased the probability of a tail (we got a 1.5 bp tail).  We said we would want to come out of the auction long.  That was an instant, in the money position.  Today, it is good to be a primary dealer.

Tonight should be a good trading night....govttrader out..