Results of the $44 billion sale of 5 year notes by the US treasury:

Auction grade: F

The 5 year yield has shot up as a result of the poor auction (see chart above).

US stocks are trying to hang in there above the lows. Nevertheless the major indices are still lower on the day after hopes of a rebound day faded.


  • A big tail with slack demand. The domestic and international buyers were less than average. The Dealers are saddled with more than average.