Very little happened in the overnight session and very little has changed into the domestic trading hours.  Bond markets were a bit weaker overnight and have found little reason to do much else so far today. 

The only significant data today was the Pending Home Sales report which came in weaker than expected at -1.1 vs a +0.5 forecast.  That said, the index value remains over 100.00 (102.7, specifically) signifying positive progress.

Bond markets made their only noticeably positive move around that time, but it had much more to do with a significant move lower in stock prices after the 9:30am opening bell.  The S&P lost 8 points from 9:37 to 9:50, with only a small amount of additional movement coming after 10am.

Shortly thereafter, bonds were heading back to their previous levels.  Treasuries hit their weakest point of the day just after 12:20pm, but MBS have been holding firmer by comparison.  MBS are just in moderately weaker territory than Friday's latest levels while Treasuries have given up nearly half their gains.