As people read the economic numbers, they know the Fed is still there.

People were thinking that, if the oil refineries take a direct hit, energy prices would shoot up and it would have a bigger impact on the economy.

The Empire State report was strong ... and the selling pressures stayed there.

Traders normally try to use the supply story to push rates higher.

Dealers weren't that interested even though we had good indirect bidding.

We're recommending investors stay short because we think there's more movement to the downside.