3:12pm ET - Treasuries Head Quietly into Employment Eve: Treasuries were generally held in check the latter part of the day, although curve trade was aggressive, as the market squares positions and looks to the nonfarm number tomorrow. The session's mix of data helped weigh on prices, although the reports' luster quickly dimmed ahead of the events on tomorrow's docket. The 2-10-yrs saw a move to 83 against 112.4 a month back and 2-30-yr action took the spread to 124.6 from 172.3 in the same period. There was decent put buying coming through the CBOT some coming as plays into tomorrow and some as insurance. Specifically the Mar 10-yr 111 puts (which we had dissected in a Bond Column "Opportunities in Options,") and 5-yr 108+ puts were scooped up aggressively, all the buying helped bounce implied volatilities off of the recent lows. The bounce, however quickly crumbled as large straddle sellers stepped in, taking advantage of the action, and in some cases broadcasting their expectations for neither the number nor Greenspan to be a big event and perhaps near-term consolidation. The economic calendar tomorrow has the market gripped with anticipation, some placing lottery bets, and will no doubt be the highlight of the week. Nonfarm payrolls (215K est), the unemployment rate (5.4% est), hourly earnings (0.3% est), and average workweek (33.8 est) will all report at 8:30ET tomorrow.