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What a turn around today for MBS! After being down as low as 100-30, MBS moved to close the day over half a point higher at 101-16! This is definite "striking distance" territory as far as all time high ranges are concerned which had their best weekly close at 102-07 and daily close at 102-18... The fact that the 10yr was closer to 2% than to 3% the last time that occurred should give you an idea of just how much the spreads between MBS and tsys have tightened. Performances weren't all that disconnected today if a few bps of tightening doesn't excite you. The 10yr had a decent day, dropping to 3.442 in yield. But MBS performed even better... The FN 4.0 ended the day +0-11 at 98-29 yielding 4.115% and the FN 4.5 went out the door +0-12 at 101-16 yielding 4.317%. The secondary...