The environment is becoming unfavorable to bonds. I don't think the auction will be good.

People sold bonds excessively the past several days and yields became high enough to attract buyers. Declines in stocks are giving people a chance to pay more attention to the value of bonds.

Strong figures on growth and inflation will reinforce expectations of higher Fed rates, supporting the dollar. Fed policy is now more and more data dependent.

The current yield level is attractive enough and we can expect some buying. Additional evidence to show the economy is expanding, or consumer prices are rising, is necessary for bond yields to reach a higher range.

Today, the first auction of 30-year Treasury bonds in (almost) five years is expected to go well.

Bonds are looking at equities. The equity market has stabilized after yesterday's tumble and the auction lends a negative backdrop because the market has to absorb more supply.