Leaked minutes?

Conspiracy theories don't make for good analysis in general, but we should examine some events today. The 1 p.m. auction of 3 year treasuries priced at new low yield for 2011, that's a bit odd. At 2 p.m. the minute were released. If the minutes had been released at 1 p.m. and the auction was at 2 p.m., it would have made perfect sense.

Looking at the market... Each of the averages below posted positive divergence right before the minutes were released. Take a look.

 IWM

 QQQ

one of the few positive divergences the SPY has seen.

Remember my post with the Tick chart on the 2 p.m. run up? I found it strange.

And the market now....

The market has given back all of the FED minutes 2 p.m. bounce.

You have to ask could there have been a leak? It sure would have benefitted the Treasury in today's auction and the mechanism for a leak s there, embargoed press stories such as the Fed minutes. How else do you think the CNBC commentators can immediately form an opinion upon the release of the minutes? They've seen the report, it's just embargoed, meaning not for public release until 2 p.m.