Thursday's Rally Changes Nothing Ahead of Jobs Report While bonds definitely had a logical reaction to this morning's stronger Jobless Claims data at first, a less logical rally followed shortly thereafter.  By the time we zoom out and consider the week as a whole, we see a gradual downtrend in yields leading back from Tuesday's highs with brief departures to react to economic reports.  In other words, there's a big picture, strategic circling of the wagons ahead of Friday's jobs report.  The best thing you could say about it is that it indicates bonds can be receptive to stronger or weaker data.   Econ Data / EventsJobless Claims 207k vs 210k f'cast, 205k prev Market Movement Recap08:36 AM sideways to slightly stronger overnight, but losing ground after data.  MBS down a quarter point.  10yr up 2.7bps at 4.764. 09:08 AM Decent little recovery.  10yr down 0.4bps at 4.733.  MBS down an eighth 03:20 PM Flat near best levels.  MBS up 6 ticks (.19) and 10yr down 2.7bps at 4.71