I like to periodically offer a reminder on something I wish I'd understood sooner when it comes to financial markets.  While we do indeed live in a highly automated age where super sophisticated software carries out operations that border on mind-boggling, financial markets remain entirely dependent on humans.  And humans are--well... human.  Traders are humans too.

Pretend you're a human for a moment.  Heck, you might even be one!  Now ask yourself: "Self! If I have to work a half-day on Wednesday and have Thursday completely off and always have every weekend off, and if my kids are out of school, and if it's Christmas/New Years break for much of the rest of the world, what are the chances that I'll work on Friday if I don't absolutely have to?"

See?  Only guys who write articles about MBS and the people that read said articles are silly (or dedicated?) enough to be working today.  There may be others, but I wouldn't know.

And so it is that today is unofficially the last business day of 2014.  The first thrust in either direction for 2014 won't be seen until at least next week.  Even if we saw something that looked like the inception of a new trend today, I'd be surprised if there was any volume or participation behind it.  All that having been said, ISM Manufacturing is always a potentially relevant market mover.  On any other month, it would be one of the biggest.  Apart from that, we'd be relying on European headlines for any surprising inspiration for bond markets.