Light week of economic reports floating bias

It is an extremely light week of economic reports, with only Initial Jobless Claims scheduled for Thursday.  Earnings season kick off at close today with Alcoa scheduled as the first to report.  The bond market will contend with $66 billion in auctions this week as well, but pricing has held up well after last weeks slide from the Fed minutes release. The move lower in bonds pushed interest rates slightly higher and out of the range they had been in since September.  We will maintain a cautious floating bias as long as pricing holds up.