Rate explodes to the upside and runs all bids out; falls back to open lower in New York. Buy dips is the preferred strategy in my view. Cross spreaders seen active on the sell side but volumes lighter.

Rate two-way but firm on dips; traders note bids still absorbing offers on the breaks. Traders note stops mixed with offers above the market also. Major support has held last Friday, any weakness likely to be bought hard. Profit-taking bids continue as well. Hook reversal from the toolbox still valid.