There may have been some concern about demand coming into today's 3 Year auction, however that promptly dissipated moments ago when the latest issuance of $29 billion in 3 Year paper priced at a yield of 0.928%, 0.3 bps though the 0.931% when issued, and a Bid to Cover of 3.401, the highest since February. Still, following recent concerns about the short-end of the Treasury market (recall the "dots"), this was the highest primary yield on 3 Year paper since May 2011, which has been creeping higher in recent months, surpassing the latest Taper Tantrum highs of September 2013. Dealers took down 47.4% of the auction, below the 49.4% TTM average, leaving 28.1% to Indirects and 24.5% to Directs, well above the TTM average of 16.6%.In any case, yet another strong auction, and confirmation that for whatever reason, Treasurys, whether in the US, or Spain, or Italy, or wherever, have no problem with finding buyers (arguably, according to recent rumors, mostly of Japanese origin). Also, since the auction provided another boost to the entire TSY curve, it means the pain for stocks on this Turbo Tuesday, continues. Reported by Zero Hedge 5 hours ago.