MBS MID-DAY: Oil and Equities Give Bonds a Boost (CHARTS)

It's still not making a ton of sense to refer to bond markets as moving in the same way that other markets are, but today is as close as we've gotten to such a phenomenon this week.  In other words, bonds are right on the edge of a big enough move that it would look like something other than just another extension of the post-sell-off consolidation that we discussed yesterday.  In fact, if we only look at 5 days, we could say that yields are breaking below their consolidative trend:

But the point is that this might not be as meaningful in the context of other market movements:

This chart brings us to the day's primary motivation.  It could even be the driving force behind bonds' ability to bounce after the NFP sell-off on 11/6.  Either way, we can at least say that this much of a slump in commodities, stocks, and other countries' bond yields creates a current that US bond markets don't much care to swim against, even if they'd prefer to be heading upstream.  That's a backhanded way of saying today is good, but further gains will require further drama elsewhere.