The rest of the part of the $33 billion paydown of T-bills that settled Thursday afternoon (see Treasury and Federal Revenues reports), which was available for fun and games, was committed early in the day. It reminded me of the Charge of The Light Brigade. Into the Valley of Death rode the $33 billion. A cynic might say that the dealers spurred the early rally to short into it, knowing that next week will be a bloodbath with liquidity scarce and a big Treasury note settlement on Wednesday. Here are the technical benchmarks and targets you need to watch to see if it will play out that way.
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