Back from vacation

Just in case you were wondering, I didn't get hit by a bus. I just took a few days of vacation (vacation -- what's that?) for the holidays. Of course, it's not like I missed much. The holiday season is usually marked by quiet trading, a dearth of big news, and this year has been no different. Stocks, bonds, and currencies are all fairly rangebound. And the economic data has been bad, but relatively close to expectations (December ISM at -32.4 vs. a forecast of -35.4 ... S&P/Case-Shiller Home price index down 18% in October vs. a forecast of 17.9% ... and so on).

Treasuries did take a pasting in the shortened New Year's Eve trading session, with the long bond futures off by more than three points. The bonds are trading heavy again today, giving up most of their early gains. Whether this turns out to be just profit taking or something more remains to be seen. But it is worth noting given that it's been pretty much a one-way run higher for Treasuries since early November.