Both Treasuries and MBS inched their way to the best levels seen in more than 2 weeks today, and it couldn't be much less exciting.  Today's trading range was the narrowest in nearly a month and volume was as low as it's been over that same time frame.  There were no meaningful economic reports and no discernible reactions to any of the potentially interesting news stories that came out during the day.

For all intents and purposes, it was merely a continuation of the weekend--a fate that befalls Mondays from time to time.

When there is so little going on in terms of the "stuff" that would normally hold our attention, one of the only other places to look is the technical landscape.  This means we're making observations and drawing conclusions  based on raw market data and math applied to it (as opposed to news, economic reports, or other events).  In other words, technical analysis is all about trading levels and other measurable parameters relating to those trades.

The technicals are friendlier now than they have been recently.  Several measurements say things are as good as they've been in more than 2 weeks.  Wait... did that sound familiar--"more than 2 weeks?"  Ah yes!  The first sentence of this recap!  Therein lies one potential pitfall of reading too much into the technical suggestions: they aren't necessarily as meaningful amid lower volumes.  Still, it's a better turn of events than technicals being NEGATIVE amid lower volumes.