What we are reacting to is the somewhat stronger than expected tenor in the November employment data - that's it in a nutshell.

The way the market is performing now sets the stage for a big rally if there are any data that prove disappointing on the economic outlook in the coming weeks.

The two-year note auction went far, far better than expected, prompting a wave of short-covering.

The data were firmer overall than expected,

We're still erratic. It's somewhat to be expected -- we have a lot of coaching changes. We've tweaked some things, so we're still somewhat on a learning curve.

The Fed won't admit to reacting to one number.