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(M2) Trades Through Trendline Resistance


(N2) Remains Below Resistance


Strong Finish To A Losing Week




(M2) Trades Above Key S/T Resistance


(M2) Corrective Cycle Remains In Play

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US TSYS/BILLS: Jefferies economist Tom Simons said today's "four-week bill
auction stopped at 0.980%, right where the WI was bid at 11:30AM. The WI had
been trading as low as 0.96% earlier in the day, but the rich levels drove away
buyside interest. Demand would probably be higher at 1%, but 98 bps drew a
passive Dealer-dominated bid."
- He added that the auction's "3.23 bid/cover is the best since Sept. 12th.
Simons also said that "indirects remain relatively inactive in the auctions,
with a 21.3% takedown," which is "their smallest takedown since August 22nd."
Meanwhile Tsy "directs took down 11.9%, which at the upper end of the recent
range," he said. "DDealers took down 66.8% of the auction, which is above

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