Today's session was off to a stronger start thanks to a sharper rally in European bonds overnight, but domestic economic data pushed back early.  This wasn't immediately obvious due to the headline "miss" in Retail Sales, but the "control group" (excludes autos/gas/building materials) beat expectations 0.6 to 0.3.  As we enter the PM hours, the absence of support from European trading is becoming more obvious.  Bonds remain green, but at the day's weakest levels.

Going forward, we may add 3.75 to the watch-list as a technical level as it acted as resistance overnight despite EU bonds making a case for a stronger rally.

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