Wednesday's data was helpful for the bond market--even if only modestly.  Today's is the opposite.  The weakness began in Europe with a swath of PMI reports that were in line with expectations or better. It has continued in the domestic hours with Jobless Claims and ADP both beating expectations handily.  Trading levels aren't any worse than they were yesterday morning, but it's a reminder that data dependence goes both ways (and a warning that Friday's jobs report reaction could go big in either direction).