Wednesday is shaping up to be a victory based on early trading, with bonds pushing back tentatively on yesterday's big sell-off. The emphasis is on tentative though. This morning's gains have barely erased a quarter of yesterday's weakness. It's only a victory because this has occurred amid a lack of motivation and an absence of relevant, scheduled market moving events. We'll have to wait for tomorrow's Retail Sales (and several other reports) for an update on economic data. None of the above would be as big a deal as CPI or NFP, but it can help refine the trend.