Early in the week the media was fretting about the treasury auctions this week. While the auctions were not great, treasuries have rallied nicely since Monday morning. Usually when everyone is bracing for disaster it takes a large surprise for a disaster to actually occur.
It seems like everybody is bearish on treasuries right now. But now that the treasury auctions are in the past, what is the bears catalyst? I am pressing my treasury long (via TBT short). Please note that this is just a trade and I would not want to own treasuries for the longer term.