The after data market snapshot is a pop in the belly and further re-orientation toward steepening. European debt markets are moving up in the headlines. The strips, after seeing shorts cover earlier in the week and move to short dated options, are 7-8 better. The prices held "fair value" with a meh number.

We are watching for a weekly up (lower than last week low and higher on week) and prices are testing that level now. I could see the rally fade by Tuesday and we could see a common pattern of weekly up followed by a weekly down. You get the picture..More of the same.

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