Can you believe it? Yet another day with base camp still evading destruction. For those that don't recall, we established base camp in the immediate wake of the FOMC announcment. Following that, prices quickly rose to levels that they've held (more or less) despite significant volatility. Interestingly, even spread action has not had much impact on base camp. Even when treasuries have rallied or sold hard, we haven't moved much from base camp. Even though we've slipped or advanced a bit here or there, we haven't closed below these price levels since FOMC. The more this continues, the more firmly this camp becomes established. So far this morning, add another day to the count.