The Tick Data - The First Fly in the Ointment

Official institutions thought october was a fine month, reflationary, positive. But private hands were not very enthused about what was happening in the global economy. And they were selling on net. When you see private selling, it's actually and even more a stark warning than when officials do ecause officials are doing it because they're trying to manage their own mechanical affairs. Privates sell treasuries out of desperation as there is no other option.