Beware The Bounce

The 2nd half of the last 2 months has been good for the bond market, as long as you're willing to overlook the fact that both multi-week rallies required new long-term high yields as a set-up.  Bigger buying sprees beget corrections, and if May's was big enough, then the current buying spree was already big enough before yesterday's rally. 

This morning's heretofore price action suggest the same with yields making it to the lowest levels since May 27th only to bounce into negative territory before the important ISM Services data and extending after the data came out stronger than expected.