Last Thursday's gains marked the beginning of the end for the trend toward higher rates from late May.  Friday maintained enough of those gains to confirm the end of the previous trend.

Now today, bond markets have gone almost perfectly sideways just over Friday's best levels, but without breaking above Thursday's.  For all intents and purposes, this means we continue to wait for the next trend to arrive while we get yet another piece of confirmation that the previous trend has ended.

In general, there's painfully little going on in bond markets.  None of today's data  was of much consequence (after all, it was all stronger than expected, yet bond markets are in positive territory).  That could have something to do with geopolitical risks in Iraq, but the level of directly-related market movement is uncertain at best, if not questionable.