Absence of Data Leaves Focus on Technicals and the Waiting Game The extreme dearth of big ticket economic data was no mystery heading into the current week. Traders shouldn't have been surprised and they are doing a great job of showing it. Bonds traded ruthlessly flat yesterday and only slightly less so today. In the bigger picture, yields look to have bounced at 4.57 but also to be holding mostly sideways as they await inspiration for the next big move. For those who must connect movement to events, we can't disprove that traders erred on the side of selling ahead of today's 20yr bond auction, and were then more willing to buy after the reasonably decent auction results.  Market Movement Recap11:03 AM sideways to slightly stronger overnight, but losing ground since 9am ET.  MBS down 2 ticks (.06) and 10yr up 2.4 bps at 4.602 01:23 PM 20yr auction was relatively strong, but isn't helping much.  MBS down 3 ticks (.09) and 10yr up 2.5bps at 4.603 03:10 PM Recovering a bit in the hours after the auction.  MBS down 2 ticks (.06) and 10yr up 1.3bps at 4.591