Rieder said the 10-year could move into the 2.75 —2.80 range. "We think the 5-year could be up 75 basis points as we get into 2015," he said.
CRT Capital chief Treasury strategist David Ader said the market will look to all stronger data through the prism of what it could mean for the timing of Fed rate hikes. He also said the market is looking to the Fed altering some of the language in its statement that discusses keeping rates low for a considerable time.
Ader expects the market to build a concession ahead of the auctions Tuesday to Thursday of $69 billion in 3-year and 10-year notes and 30-year bonds. He said the 2.40 level on the 10-year yield tends to draw in buyers.
Read MoreBig beat on jobs report, here's how stocks react
"The auctions will go okay, maybe a little sloppy," he said. "I would say the stronger the data is now, the more we're trying to bring forth Fed rate hikes."
Markets will focus on key global economic reports this week, starting with Chinese trade data and labor market conditions Monday. Chinese inflation data is Wednesday and retail sales and industrial production Friday. There is also industrial production data from the euro zone expected.
"The Fed has a favorable window to do it because the European Central Bank, the Bank of Japan and the Peoples Bank of China are all easing," said Rieder. That could help keep long end rates contained, because investors should find the U.S. Treasurys a better bet relative to foreign sovereigns, as they have been, he said.
Perhaps the most important U.S. report will be retail sales, as investors try to sort out what's happening with holiday sales. So far, the results have been uneven in some of the preliminary reports.
"Of course, auto sales were very strong. The evidence of more chain store sales are sort of middling. You'd have to think with job growth accelerating and gasoline coming down, the environment is very good for consumer spending," said J.P. Morgan economist Robert Mellman. Mellman said he expects a 0.4 percent gain in core retail sales, which exclude cars, gasoline and building materials.
U.S. oil futures were down a half a percent in the past week to $65.84 per barrel, a five year low. Gasoline futures were down nearly 3 percent to $1.77 a gallon.