Let's get the caveats out of the way.  Bond markets ended the day in slightly weaker territory, and the broader trend remains toward higher yields.  Momentum technicals remain unfavorable and there is more supply to come (where "supply" > "demand" = lower prices, and lower bond prices = higher rates).  

All that having been said, today's weakness was much more palatable than yesterday's.  Bond yields rose early, and then didn't rise much more throughout the course of the day.  Sure, all that negative trend stuff is still a problem, but these are the kinds of days that pop up amid those negative trends that tend to hint at some sort of temporary correction.  Whether that correction lasts more than a day or two is another matter, but a brief/shallow correction would be better than no correction at all.  If today hearkens such a correction in the near future, I'll gladly take it.

On a side note, keep in mind that this afternoon was "the roll" for Fannie and Freddie 30yr fixed MBS.  That means that May's coupons were retired and tomorrow's prices will refer to June coupons.  This makes it look like prices fell an immediate 7/32nds at the close, but that's simply the difference between May and June coupons.  In other words, MBS only lost 2/32nds today--not the 9/32nds that tomorrow morning's chart will suggest.