This Market Likes the 10-Year Note Auction

This sure makes things look rosier.
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People are liking the 10-year auction. That's the word from my sources. (I am neither long nor short the 10-year.) You see how closely we are interlinked when the stock market erupted in reaction to the bond futures.

There is one more leg to go, the 30-year, but this 10-year certainly makes things feel rosier. I would have been inclined to flip things I had bought during that chaotic not-so-strong opening if this auction were bad.

My partner,

Jeff Berkowitz

, left instructions to beep him at poolside if the auction was bad. Looks like I won't have to speak to him.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

jjcletters@thestreet.com.