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With Japan, China, and the U.K. out on holiday it wasn't a big surprise to see domestic bond traders looking for a retest of last Wednesday's low volume Treasury rally. Especially after 10s crossed through 3.30% on Friday afternoon, leaving little room to rally without a clear shift in investing outlooks. This behavior once again highlights the exaggerated influence of thin trading conditions and a lack of liquidity. We do however look for the bond market to paint a clearer picture of its strategic bias in the day's ahead as attendance picks up and sidelined money goes back to work. The release of the December Employment Situation Report will likely play the biggest role in directional motivations but we've also got FOMC Minutes tomorrow and five Fed buybacks in between..not to mention a sleeper...()