We had a relief rally on the back end yesterday, and it's carrying through to today. Plus, with the refunding out of the way, it's lifted a weight off the market.

Dealers weren't that interested even though we had good indirect bidding.

We're recommending investors stay short because we think there's more movement to the downside.

Traders normally try to use the supply story to push rates higher.

As rates float higher, it's better to keep your money close to home and wait for better opportunities down the road.

We had a relief rally on the back end yesterday (Thursday), and it's carrying through to today.

As people read the economic numbers, they know the Fed is still there.

Let's take it one step at a time. Let's take the 30-year and see how that goes. We haven't had such long- duration assets in five years, so let's not go from one extreme to the other.

People were thinking that, if the oil refineries take a direct hit, energy prices would shoot up and it would have a bigger impact on the economy.