Not that any of this week’s trading activity matters in the bigger picture, but things have been reasonably resilient after Monday’s selling.  Tuesday and Thursday saw more selling, but each day ended with a solid recovery.  Thursday was especially solid with help from the 7yr Treasury auction.  In today’s overnight session, European markets reopened after the X-mas holiday with a moderate spike in yields.  This pulled US yields higher, as is typically the case, but US traders (all 3-4 of them who are in the office today) are pushing back in early US trading.