Pre-Auction Market Check-In. Still Sideways After Econ Data

 Ahead of the 1pm bid cut off for $44 billion 2 year notes...

The 10 year note is still trending to the right in a tight range. A negligible rise in yields occured after the release of slightly stronger than expected Existing Home Sales data, however as market participants dove deeper in the release and noted continued stagnation in housing demand...yields fell back into the confines of the 2bp range.

 The 3.625% coupon bearing 10 year Treasury note is unchanged on the day at 99-22 yielding 3.661%.

Current coupon MBS extended the slowly developing upward trend channel. The FN 4.5 is +0-03 at 101-05 yielding 4.369%.....

The S&P is up 0.16%. The Dow is +0.42%. The NASDAQ is +0.26%. The dollar index is +0.14%. Oil is +0.17%

 If the auction results trigger a negative knee jerk reaction...I will alert via a new post. If the auction goes well and interest rates rally...I will alert in the comments of this post and get a recap out ASAP.