Most of today's trading activity was a function of previous trading--at least as far as the domestic session was concerned.  If we count the overnight session, that's where we'll find the last part of the 'set-up."  This occurred when German Bunds hit .993 and US 10's hit 2.425.  There was no event that drove the weakness leading up to it and there was no event that brought about the bounce.  Bond markets were simply determined to sell-off and then the selling had run its course. 

This might or might not mean that some magical "entry point" has been reached where investors say "Ok, ok, ok... Now I feel like it's safe to buy Bunds and Treasuries again..."  Indeed some have been calling for this since Bunds were at 0.6 and when 10yr yields first broke 2.2.  Others jumped in on the same call today. 

The fact is, it's just too soon to tell if this was THE sell-off to buy.  It might be, but 2 things are important:

1. Everything could change after NFP tomorrow.

2. For the purposes of the average mortgage lender or borrower, it's probably not a good idea to start putting down bets on the lines in the chart below reversing course before they even make it out of those little white circles...