On back of a weak Spanish auction SOVX is 4 wider. The European fins opened 3 wider on Snr and 5 on Sub. Snr are still 3 wider, but Sub has moved to flat. Feels like people taking off the Snr/Sub trade -- why pay the carry for the next couple weeks? Main and IG are both 1 wider and HY is opening a touch lower. MCDX which had good performance yesterday is also a touch wider this morning. Futures have been bouncing around a little, anywhere from a flat opening to up 0.5%. Treasuries have renewed their sell-off. They are little changed right now, but at one point overnight had been higher. We may get a slight lift at the open, but unless Philly Fed comes in strongly, the rest of the data and Fedex was mixed enough that we will leak lower on the day.