The bond market theme heading into the Thanksgiving break was "waiting for a breakout."

The bond market theme heading out of Thanksgiving break is still "waiting for a breakout."

In other words, not much has changed, except for the relative deluge of volume and participation underlying today's super narrow range.  That much is to-be-expected the first day back from what is essentially a 4-day weekend.  Even then, it wasn't an incredibly active session by normal standards.

Bonds traded in fits and starts, with most of the volatility (again, this is occurring inside a narrow range) following the NYSE opening bell.  New Home Sales data was stronger than expected, but not a huge or long-lasting market mover.  Early strength turned into weakness between 9:40 and 10:30am ET.  Bonds then rallied back into just-barely-positive territory by noon and held flat for the rest of the day.