Uneventful Monday With Modest Gains

From a volume standpoint, both Friday and today were very light.  This isn't a surprise at this time of year, nor is the absence of any meaningful impact on the bigger picture trend (contrast this to last Monday which was the 2nd highest volume day of the year and truly exceptional for a number of reasons).  Today means the bond market is falling back into a vanilla routine that involves consolidation ahead of this week's big ticket economic reports.  There could have been modest losses or gains without affecting the set-up.  As it happened, we got the version with modest gains.