There is a little change in the market after the auction resultsThe first leg of the 3 coupon auctions this week including the 3 year, 10 year and 30 year is complete. SummaryWI level at the time of the auction: 4.934%High yield: 4.932%WI level at the time of the auction: 4.934%Stop-through: 0.2 basis points vs the average stop-through of 0.3 basis pointsBid to cover: 2.62X vs the average of 2.65XDirects: 31.7% vs the average of 21.5%Indirects: 57.6% vs the average of 65.9%Dealers: 10.7% vs the average of 12.6%Auction grade: C+A slightly above-average auction overall. The Treasury sold the notes 0.2 basis points below the WI yield, although that stop-through was slightly smaller than the average. Bid to cover was also just below average. The stronger result came from direct bidders, whose participation more than offset the softer indirect demand and left dealers taking a below-average share. Demand was sufficient to clear through the WI level, but the weaker indirect participation keeps the grade measured.Tomorrow, the US treasury will auction off 10 year notes and on Wednesday, they will auction off 30 year bonds.There is little movement in the markets after the near average auction results. This article was written by Greg Michalowski at investinglive.com.