Traders Buy The Dip After AM Data After a bit of overnight strength and an early morning pull-back, bonds were right in line with yesterday afternoon's levels ahead of the 10am data.  JOLTS (job openings) pushed yields back to yesterday's highs--perhaps with some help from the Senate's passage of the spending bill, but at that point, traders bought the dip in bond prices and pushed back into the day's range.  It wasn't enough to get back to positive territory, but it made the day less of an obvious turning point in the bigger-picture.  Perhaps a better way to say it would be that bonds still look open-minded when it comes to responding to Thursday's jobs report and next week's CPI. Econ Data / EventsS&P Manufacturing PMI52.9 vs 52.0 f'cast, 52.0 prev ISM Manufacturing49.0 vs 48.8 f'cast, 48.5 prev ISM Employment45.0 vs 47.0 f'cast, 46.8 prev ISM Prices69.7 vs 69 f'cast Job Openings7.769m vs 7.300m f'cast, 7.395m prev Market Movement Recap10:34 AM slightly stronger overnight, but progressively weaker in the AM--especially after 10am econ data.  MBS down 7 ticks (.22) and 10yr up 3.2bps at 4.256 12:01 PM 10yr yields are up 5bp at 4.273.  MBS down a quarter point. 02:59 PM Modest recovery.  MBS down only 5 ticks (.16) now.  10yr up 2.5bps at 4.25