The thing about markets is that if nobody agrees with you, you lose money

@Tzaidecar Yeah, I don’t get it either

@Tzaidecar We hit full range for the week yesterday so I understood buying down there. Speaking specifically to TN, I expected 111’16 to trade as we squeezed out dummies who shorted the hole yesterday. Buying here seems dumb though

Futes dgaf

Another tail

@Fullcarry Absolutely. They were hammering the lows yesterday

I saw similar buying activity at the high today 🤦🏻‍♂️. Seems like these trend following algos are actively trying to lose money

Zero conviction from the macro crowd right now.

@PicturesFoIder

@conksresearch Wen 30y bill auction?

@Tim10337907

@takesmarkets It dumped on the auction results today but TN is back to its pre auction level

Possible explanation for both: Auctions: we generally sell off into them, so when the auction is bad, it’s priced in. If the auction goes well, hedges are removed and we just go back to regularly scheduled programming UMich: last data point of the week. Positioning gets cleaned out and traders quit for the week

@LongTplexTrader Decent size came in on the lows in USTs and the dollar rip got faded hard. Was this a washout?

@EffMktHype A bond rally failed to follow through?

POV: you just hit the bud in TN with 800 lots after a full handle giga dump

With that being said, we already hit the projected full range for the week in everything but UB so this probably isn’t a wise place to look to get short

We still have a double-dose of duration supply today and tomorrow. Tough times for the fomo bond buyers from last week. Never trust a bond rally