NOTE: Fannie and Freddie 30yr Fixed MBS "roll" tonight, meaning October coupons will no longer be traded and November coupons will take over as the representative for "MBS Prices."  When that switch it flipped it will look like prices fell about 10 ticks, but that's just about how much lower in price November coupons have always been trading vs October.

Today will be the most active day of the week in terms of scheduled events on the calendar.  There is a veritable glut of central bank speakers--most of them from the Fed, but with a big-ticket appearance from ECB President Draghi at 11am.

The week's first major economic data will be out in the morning with Jobless Claims.  It's expected to rise to headline reading of 294k from last week's 287k, and markets are expected to continue on without really caring.  That's the way it's been for most economic data of late, and certainly for any data suggesting labor markets are solid.

Much more capable of moving markets will be the afternoon's 30yr Bond Auction.  This is a hot topic to some extent right now because trading in Treasuries has been highly stratified.  Shorter and longer-dated maturities haven't been moving higher and lower in unison, but rather, locked in some sort death match. 

The short end of the curve (2's through 5's) have been perennially whooped so far in 2014, but did some whooping of their own after yesterday's FOMC Minutes.  If that theme continues today, it could make the 30yr auction difficult.

Whatever the case, 10yr yields will have a shot at moving officially into their best levels of the year in the event of any positive momentum.  Even if they don't, underlying momentum has shifted positively enough that we can be less concerned about a bounce at 2014 lows being the last crack we have at these levels.