Unlike yesterday, there is no meaningful economic data to move the needle this morning.  Bonds continue biding their time, waiting for "meaningful."  Until then, technicals and tradeflows are driving what little amount of movement there is.  Today's version happens to be slightly stronger.  It could just as easily have been slightly weaker.  

The modest gains mean that yields are once again attacking the lower boundary of the prevailing range at 3.72.  We'll believe in a breakout when we see one that sticks.  Technicians assume a friendly breakout is slightly more likely due to the positive momentum shift that's always implied when bonds flat-line after spiking.  Technicians should keep in mind that--even though