Traders eyed the recent decline in.....>

US TSY FLOWS: Traders eyed the recent decline in Tsys, which appears tied to

FX-tied sales by black boxes as US$ improved vs yen a bit. But some noted "early

this morning, some real money guys tried pushing on the back end Tsys, to see if

they could push it down. Once they released, the market went up." Could this

bunch be trying again on that position? Nope, it's not such real money accounts

trying again, said one trader. "It's all about this futures selling," said the

trader.

- Meanwhile European accounts heading out could have taken some steam out of the

safe-haven uptrade, as some who only carry day positions could have exited. It's

likely - barring external circumstances -- that the market will stay around

current mildly higher levels into the close. Some who just covered post-FOMC

shorts today don't want to have to exit so soon.