Gains Before and After Data

Today's big to-do was the ISM Non-Manufacturing data at 10am ET.  Of the two ISM reports, this is typically the bigger market mover, but that wasn't the case this time around.  One potential reason for that is the fact that markets had already gone on a fairly good run even before the data was released.  Rationale is multifaceted and debatable for that initial rally.  It includes things like European econ data, risk-off trading surrounding NYCB issues, and corrective momentum in equities.  To be sure, ISM packed the biggest punch among TODAY's events, both in terms of volume and bond market momentum, even though it only accounted for about a quarter of the overall movement.  Still... it's a strong showing considering bonds are making gains when yields are already at 3 week lows.