1:25 pm EDT:  Bid to cover ratio was 2.74 with non-primary dealers taking about 63%.  All in all, not bad, though the 30 Yr yield spiked up a bit (and subsequently retraced the spike) on the results. 

The day has turned from bearish to neutral now, so we don’t have a directional bias into the afternoon, except for the statistical tendency to have a bearish closing hour because of yesterday’s POMO.  Accordingly, we consider any positions entered in the middle of the day’s range to be aggressive, preferring to fade the range, with stops close to the extremes.