Even after yesterday's weakness, bond markets remained in much stronger territory on the week due to the size of Tuesday's move.  This is a fairly typical pattern surrounding big, unexpected shifts in trading levels.  The first day sets the direction of the move.  The second day is basically a throw-away day for adjustment and the third day finally starts showing us where things might start settling down, all things being equal.

That "all things being equal" part is important in cases where the big first-day move is driven by an event that's subject to near-term change (like Italian politics, which could change at any moment, as opposed to something like an NFP reading, which couldn't change for at least a month).  In other words, any solidification of recent gains remains highly dependent on Italy NOT suddenly "figuring things out."

All that having been said, today's overnight trading suggests yesterday's weakest levels at a line in the sand marking the beginning of a solidification.  In terms of 10yr yields, we're talking about 2.886%.  This would also serve as a good early warning sign before yields challenge the important gap at 2.91-2.91 (teal lines in the following chart).

Consolidation/solidification can take time.  Given the volatility surrounding underlying events behind this rally, I'd be more than happy to merely hold/defend the 2.886% line today.  Even if bond bulls are forced to fall back to "the gap" to make a defensive stand, that would still be a solid showing on the week.