The chart on the left (grabbed from Bloomberg) shows today's price action for the Spanish 10-year bond. Anotated with the letter A is 10:07 London time - the moment at which FT Alphaville announced that today's auction of 3- and 6-month paper had fallen short of clearing the '4-5 billion' on offer - in fact settling for 3.26 billion.The problem with all this is that the Tesoro actually was looking to sell 3 to 4 billion, but apparently a typographical error (or evilly planted wake up call for the country's lead idiot) on their English website stated the erroneous figure that led to the conclusion that the auction had, to some degree, failed.
Knowing that correlation is not causation, it nonetheless was a less than propitious moment in time.
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