It's hard to know where to start discussing today's market activity, largely because today's market activity never really started.  Ever since topping our on Friday afternoon, yields have slowly trickled sideways and slightly lower. 

The "sideways" part came first, during Asian market hours.  When European markets began trading, the inaugural QE purchases were readily visible in trading levels.  German Bunds surged lower at their fastest pace since QE was originally announced. 

With respect to Treasuries' willingness to follow Bunds lower, although it's understandable, the word "pitiful" would be an understatement.  Even before European trading began winding down for the day, US bond markets were already leaking lower in price/higher in yield.  Yes, we have a bit of green on the screen today, but it's green that leaves MOST of Friday's red intact.