Apart from a round of Treasury auctions, the week ahead is exceptionally silent, with Thursday's initial Jobless Claims data being the only quasi-significant piece of domestic economic data.  That's not to say that nothing will happen in terms of trading levels.  Indeed, as the charts of 10yr Yields and Fannie 3.0 MBS show, bond markets must immediately set to the task of sorting out what Sell-off means for the recent rallies.  Those rallies as well as the preceding trends of weakness can be seen below--in both cases with Friday having acted a major wrench in the works.  Monday is completely empty, and a good opportunity to see if any volume shows up and whether or not it's enough to help 10's hold the line at 1.75 or MBS at 104-00.

Treasury auctions start on Tuesday with 3yr Notes, but unless/until something changes, 3's aren't market movers.  Wednesday's 10yr Notes stand a better chance to have an effect as do Thursday's 30yr bonds to a slightly lesser extent.   Other than the auctions, domestic markets will either take the opportunity to catch their breath with one of the unofficial "week's off" that we occasionally see, or to simply pay some extra attention to Europe, trying to coast through the week with minimal disruption.