Tomorrow's 30-year bond auction should attract large accounts and nostalgia buffs that have quietly politicked to get the bellwether back.

If the 'street' is required to own a large portion of this amount, it likes to have it on their terms, which usually results in higher yields and lower prices.

If it isn't in sync with the markets current leanings, it could get ugly in a hurry.

It is important that he come across in an authoritative way so the markets see him as 'apolitical' and strong. If they sense that he can be maneuvered by Congress, then it could make the markets a bit nervous.

If this auction doesn't go well, you might want to take a long lunch then go home.

While this group is still a few years away from retirement, this plus the fact that Americans are living longer requires these funds to go out further on the yield curve.