With a day that will see more economic data than yesterday, we are trading down in the first 20 minutes.  One item of solace would be the 5.0 coupon holding at or near it's implied support level at 100-23.  This puts us 8 ticks down on the morning and may give those with overnight price protection impetus to cash in the gains on short term deals.

As Adam wrote in last night's post (if you haven't seen it, it's fantastic, so just scroll down), this 100-23 level is our short term (and hopefully long term) floor.  If the "bottom falls out" of that, it's not a good sign.

Hopefully we don't see that today.  We'll let you know the instant that happens, if it happens.  Other than that, we'll be back with more analysis as the scheduled data (outlined in the post below) has (or fails to have, more likely) and impact on today's trading action.