With stocks selling off over the last hour, 10yr yields have been dragged lower (begrudgingly as the move in treasury yields under-performs the move in stocks). With stocks making new local lows, today's 10yr auction has turned into a game of poker. Will a trader trap today's shorts by bidding thru the 1pm offer? That would probably create a mini-short covering rally. From an isolated Market Profile perspective, treasuries are sitting just a hair below the center of value....but the weakness in stocks should push treasuries higher.
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