In the day just passed, bonds made modest gains at the open only to give most of them up by the close.  Activity was concentrated at the specific opening and closing bells for the CME (where bond options still trade in "the pit" and where many of the most active bond traders execute electronic trades at a desk).  This is a common occurrence when volume and liquidity are in short supply.  Yesterday was the lowest volume session in months.

In the day ahead, bonds will see if they can do any better in terms of mustering up volume and participation.  The presence of economic data (existing home sales) and the week's first Treasury auction may help to create some signs of life at 10am and 1pm respectively.  So far, we're seeing yields in an even narrower range--a phenomenon that began last Thursday.