Today’s session had a stronger start thanks to a sharp rally in European bonds overnight, but domestic economic data eased early. This wasn’t immediately apparent because of the “mistake” in retail sales, but the “control group” (excluding autos/gas/building materials) beat forecasts from 0.6 to 0.3. As we get into the PM hours, the lack of support from European trading is becoming more apparent. Bonds remain green, but at the weakest levels of the day. Going forward, we might add 3.75 to watchlist as a technical level as it acted as resistance overnight although EU bonds make the case for a stronger rally.