With last Thursday's rally, bonds had a chance to challenge the prevailing sideways range (from 2.80-2.91 in 10yr yields).  Friday's weakness was set to assign a failing grade to that breakout attempt, but late-day strength kept some hope alive.  

By the time the domestic session got underway today, it was clear that any breakout attempt had been soundly defeated.  Yields were near 2.85% to start the day after linear selling pressure overnight.  Markets were thinly-traded relative to the previous 3 days (which had seen strong volumes and  active trading).  

Stocks and bonds weren't perfectly correlated in terms of magnitudes, but each was generally moving the same direction as the other today.  As such, bonds were able to recover as stocks sold off in the first 90 minutes of the NYSE session.  From 11:08am on, stocks bounced in a big way, and bond yields followed with a move back to the morning's highs.

There were no significant economic reports or big market-moving headlines.  The trading range was fairly narrow and the moves that occurred inside that range were more mechanical than emotional--byproducts of traders' mindsets on this holiday-shortened week without any big-ticket events to react to.  In short, it's safer to trade a narrow, sideways range on a Spring Break week with only 3.5 trading days (Good Friday and a half day on Thursday).