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Mortgage News Daily combines the expertise of some of the housing industry's leading minds with the power of social media to offer an always lively, constantly evolving web community. MND communicates breaking news, streams video, and provides expert opinion and commentary to a community of interested market professionals and curious consumers.MBS OPEN: Sell Into Strength. Buy on Dips. Fast Money at Work
Good Morning All. Happy Last Quadruple Witching Day of 2009. More importantly, Happy Friday.
Treasuries gave back some gains overnight. Several explanations could be offered but I think the most relevant observation continues to be "selling into strength" aka profit taking followed by fast money day traders "buying on the dips"....this is really just short covering, another form of profit taking. This should continue to occur at pivot points, the hope is that the trade continues to migrate lower in yield/higher in price.
The 3.375 coupon bearing 10yr TSY note is currently -0-07 at 98-29 yielding 3.506%. Here's how the market looked overnight into this morning...
[Image or graph removed from email. View full article with images]
"Rate sheet influential" MBS coupons are holding up well despite rising benchmark yields (which should fall below 3.50 again anytime now).
The FN 4.0 is -0-02 at 98-28 and the FN 4.5 is +0-01 at 101-17.
[Image or graph removed from email. View full article with images]
This is all supportive of "PLAY THE RANGE INTO YEAR END".....and suggests were are due a test of 3.42% (must get through auction stop of 3.448% first though).
Interesting story coming out of the Middle East this morning. Oil is up $1.30 to $75.39 on reports of an incursion by Iranian troops into the Iraqi oilfield of Fakka. Will be watching my news ticker for updates...
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Mortgage News Daily
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Message:
YOUR MESSAGE HERE
MBS OPEN: Sell Into Strength. Buy on Dips. Fast Money at Work
Good Morning All. Happy Last Quadruple Witching Day of 2009. More importantly, Happy Friday.
Treasuries gave back some gains overnight. Several explanations could be offered but I think the most relevant observation continues to be "selling into strength" aka profit taking followed by fast money day traders "buying on the dips"....this is really just short covering, another form of profit taking. This should continue to occur at pivot points, the hope is that the trade continues to migrate lower in yield/higher in price.
The 3.375 coupon bearing 10yr TSY note is currently -0-07 at 98-29 yielding 3.506%. Here's how the market looked overnight into this morning...
"Rate sheet influential" MBS coupons are holding up well despite rising benchmark yields (which should fall below 3.50 again anytime now).
The FN 4.0 is -0-02 at 98-28 and the FN 4.5 is +0-01 at 101-17.
This is all supportive of "PLAY THE RANGE INTO YEAR END".....and suggests were are due a test of 3.42% (must get through auction stop of 3.448% first though).
Interesting story coming out of the Middle East this morning. Oil is up $1.30 to $75.39 on reports of an incursion by Iranian troops into the Iraqi oilfield of Fakka. Will be watching my news ticker for updates...
If you would like to opt-out of receiving email forwards from this person please click here to remove your email address.