Did anyone else have to sit through the drug addiction video (or was it a book?) in grade school (or was it middle school?) where the main character kept returning to this amazing fantasy of driving an exotic sports car.  Each time, he had to drive farther and faster to get the same enjoyment.  You get the idea.

Same story for bond markets when it comes to overseas economic/political/debt drama.  We need more and more in order to fuel an ongoing rally.  As of this morning, we just took a hit of the same drug that made us high on Friday, and...

...nothing happened.

Perhaps, if the Turkish drama spirals out of control in a bigger way, bonds will be more willing to entertain a break below that white dotted line.  Until then, we're left to wonder if this little diversion has run its course.

There won't be much help from data or events in the first half of the week.  Big-ticket data doesn't show up until Wednesday with Retail Sales at 8:30am, and that's the only top tier report, although there are several mid-tier reports on Wed-Fri.

In the bigger picture, there's a formidable floor ahead if yields do manage to resume the rally.  2.82% is where the most recent sideways range bottomed out, and it held up remarkably well in terms of turning away all attempts to move toward lower rates.  Outside a few weeks this spring and a single day following the Italian political drama, 2.82% has essentially been the floor for 10yr yields ever since it was broken as a ceiling at the beginning of the year.