Treasury yields above 4.5 percent look attractive. Some people may take it as a short-term opportunity to get in.

Between Greenspan's comments on interest rates and today's 30-year auction, the fundamentals don't look too good for Treasuries. We are not interested in holding Treasuries at all.

We're expecting very strong first-quarter growth, which means the Fed can keep hiking rates in the first half of the year. This is not a good time to be buying Treasuries.

Treasuries are at levels that are good to get in. We are seeing money managers start to buy again.

Investors are always nervous when news come out that Asian central banks plan to cut their Treasury holdings.

Investors may find it difficult to buy Treasuries as future monetary policy is data dependent. The inflation risk remains alive and the indicators ahead will probably support the view that economic growth is continuing.

Investors still don't want to get in at current levels. We are still bearish.