There's just too much supply, and not enough buyers.
We've already seen 121.16 today and we're now a point lower.
I can't imagine it'll get to 123.16, but if it does, it's a big-time short.
Paterson got burned on the ECB bailout, but we've learned our lesson there.
Notice that the Yen is the only currency still standing, and that's only because their monetary authorities have been living in the clouds for the past 50 years.
* * * * * J B K * * * * *
San Francisco
The Treasury said it will auction $38 billion in three-year notes on May 11, $24 billion in 10-year notes May 12 and $16 billion in 30-year bonds May 13. The total amount was less than the median forecast in a Bloomberg News survey of bond dealers.
http://www.bloomberg.com/apps/news?pid=20601068&sid=aIjOfp3dNS9A
