And after all that ...

... bonds ended up down a few ticks. I guess you'd call that a reversal of the reversal. Ten-year yields closed the day about flat, while long bond futures were off 6/32.

Next week, things will get real interesting. We've got several major economic reports: The Q4 Employment Cost Index ... the January ISM index ... and most importantly, the January jobs report. Oh, and did I mention the Federal Open Market Committee meets on January 30 and 31?

These events are either going to "validate" the sell off we've seen in bonds, or cause one heck of a nasty reversal. So fasten your seatbelts.