Today's $16 billion 30 Year auction was about as bad as they get: the yield was 4.32% (highest since May 13), a 5 bps tail to the WI, the Bid To Cover was 2.31, a collapse from October, and the worst since November 2009. Primary Dealers and Directs saved the day taking down 62%, with Indirects responsible for 38.4%. Altogether, this was about as ugly as it could get. This is what happens when the general (Bernanke) does not give marching orders in advance (POMO Schedule).