Stocks see-sawed but closed relatively flat while corporate credit spreads closed slightly wider.

Treasury bonds surged as the 10 year auction went much better than expected with players still spooked by oil prices.

Oil is closing around $104 a barrel and the 30 year Treasury bond auction is tomorrow.

We could see some serious profit-taking in oil if Saudi Arabia's much touted "day of rage" turns out to be little more than a whimper.

As discussed before, the situation is Saudi Arabia is very different than the situation in Libya, Egypt, or elsewhere.

Sprint is in talks with Deutsche Telekom over a possible deal for wireless provider T-Mobile in the U.S.

New issues continued with Vodafone issuing $600 million of 5 year debt at +85 and $500 million of 10 year debt at +100.

Cisco Systems joined the bond party and issued $2 billion of 3 year debt at +50, $750 million of 5 year debt at +105, and $1.25 billion of 3 year FRNs (floating rate notes).

Initial jobless claims numbers are out tomorrow.