MBS ALERT: AUCTION RESULTS

By: Matthew Graham • Wed, Jul 29 2009, 1:02 PM

We'll get charts to you momentarily, but at a 1.92 Bid to cover and continuing underwhelming foreign support, the 5yr auction that just went off did not go so well. Selling is likely. Reprices for the worse are likely. The ultimate direction of the day is not fully suggested yet, but a big red day is likely.

more to follow.