Bond markets will be closed for Christmas tomorrow and only open for a half day today. Volume and liquidity will be mere shadows of their normal selves--especially today--and trading momentum can arrive and depart for no good reason.  Technically, there's a 5yr Treasury auction on the calendar, but traders aren't really approaching today like it matters at all in the bigger picture.

I won't be writing very much this week, but rest assured, I will be here and I will continue monitoring markets like a hawk and sending out alerts as needed.  Even so, you should never rely solely on my written alerts.  I highly recommend you set up automated alerts HERE and refine them over time to suit your individual needs.  This way, if I'm struck by lightning or hit by a meteor, you'll still be protected until the MBS Live team can fire up one of my clones we have in cold storage.

Here are a few links that provide the gist of late December trading:

Traders are people too
Illiquidity
Stick a fork in 2019
Sometimes Month-End Comes Early

And because I always like to put a chart in the morning commentary, here's yet another look at the rather epic consolidation that has been intact for nearly half a year now.  Realistically, there's not a whole lot of riveting bond market analysis to be done until this consolidation is resolved (Jan or Feb 2020, most likely).