The two-year note auction went far, far better than expected, prompting a wave of short-covering.

The auction had a lukewarm reception.

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

What we are reacting to is the somewhat stronger than expected tenor in the November employment data - that's it in a nutshell.

A new high wave is expected this Wednesday and there may be new flooding.

Not a good-looking two-year auction.