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30yr UST Auction Preview
Today is the 2nd of the long-end UST auctions for the month of November (16bln 30yrs will be sold to the market at 1pm...largest single DV01 event of the monthly cycle). This will be a new 30yr (new cusip, maturity date, coupon, etc..). Buying bonds in these auctions and holding for 24 hours has been a winning trade for the last 14 new 30yr auctions (that goes back 3 1/2 years since the start of monthly bonds and QE). Normally, the long end of the UST market has either been selling off or significantly cheapening vs stocks at this point in the monthly cycle. Today is one of the rare instances where this is not the ... (full story)