Bonds are under a bit of pressure this morning with a modest extension of weakness that began in European trading hours.  While this morning's selling seems to have leveled off for domestic traders, it nonetheless leaves yields at levels that are on the unfriendly side of the prevailing trend.  While it's true that this is a trend breakout in and of itself, it's also true that there are other trends to consider.  For instance, yields remain well within the 3.8 - 4.0 range that emerged as the August baseline more than 2 weeks ago.  If we're seeing a bounce at the bottom of that range, it's completely acceptable in light of the Treasury auction cycle beginning--not to mention the absence of compelling, bond-friendly econ data.