Without a doubt, this market is now starting to remind me 2011, when it traded mostly on EZ debt crisis news. Today's Spanish bill auction went well, so U.S. futures reacted overnight to better news from Europe. If this is any indication of future trading environment, then Thursday's Spanish bond auction (which is more important than today's bill sale) will produce even bigger move. I am not sure that today's auction is a good prediction for Thu, because it was a short-term paper, and Thu will be long-term (2yr and 10yr).
So, fasten your seat belts...
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