On the economic front, MBA Mortgage Applications increased 7.7% and Pending Home Sales will be out at 10:00 AM EST. There is a 2/36-2/43 UST buyback of $1.5 Billion at 11:00 AM as well.
Overnight German Bunds rallied after a poor 5-year auction in Italy and the Euro dropping below 1.28 vs. USD. First Cyprus and now Italian election fears have the market a bit spooked. It seems someone finally woke up and smelled the coffee in Europe. This has 10-year notes starting the day up 1/2 point (1.86%) and pressing against short term technical resistance. While things in the US seem to be humming along, it will be difficult for the Treasury market to sell-off if Bunds continue to rally.
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