Results of today’s 32 billion in 3 year notes crossed the block at .575%.  The issue was taken “right on the screws”, without a tail.  Indirect bidders took 35% while the street picked up 13.9%.  Non-deals took the balance.  Bid to cover was 3.26 to 1, a touch better than the average of 3.19 to 1.  Overall, we’ll give this a B+.  One word of caution; even though the auction when well and stocks are still off 45 points, notes, bonds, and mortgage backs are starting to slip.  We took a mark this morning at unchanged.  Currently, mortgage backs are off 4 to 5/32’s.  Nothing huge but a worsening price change of .125 should not come as a surprise