While it's never good or safe to dismiss market movement as less legitimate due to a lack of volume, it's worth keeping in mind that the movement is more flimsily-constructed.   That's an important distinction.  The risk is that market-watchers assume a low volume move is "wrong" simply because it's low volume (unsafe assumption!).  It could certainly be the case that negativity continues when volume comes back.  In short, a low volume move means the jury is still out.

In the current case where we find ourselves coming back from a strong NFP move heading into the weekend to a complete reversal on Monday, we're actually dealing with TWO low volume moves--Friday and yesterday. 

2015-4-6 tsy trends'

Unsurprisingly, neither move did anything to challenge the trends we've been following.  While that could change today as participation ramps back up (notice yields pushing the upper yellow trendline), the worst-case implication would be that a super long-term bullish trend would still be a super long-term bullish trend. 

As for economic data today, there's nothing significant on tap.  The week's Treasury auction cycle begins at 1pm this afternoon with 3yr Notes.  Tomorrow's 10yr auction is much more capable of producing a reaction.

MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
FNMA 3.0
102-13 : +0-00
FNMA 3.5
105-05 : +0-00
FNMA 4.0
106-29 : +0-00
2 YR
0.5120 : +0.0120
10 YR
1.9060 : +0.0070
30 YR
2.5500 : -0.0070
Pricing as of 4/7/15 7:30AMEST

Tomorrow's Economic Calendar
Time Event Period Forecast Prior
Tuesday, Apr 07
13:00 3-Yr Note Auction (bl)* 24
15:00 Consumer credit (bl) Feb 12.50 11.56