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Holding Ground After Hours, Some Positive Reprices
Posted to: Micro News
Thursday, December 13, 2012 3:41 PM
Although the 104-22 resistance level ended up keeping a lid on most of the day's price action, Fannie 3.0 MBS didn't venture much below 104-19 for the balance of the afternoon and are currently 4 ticks lower on the day at 104-20. Reprices have gone both ways, with the most recent being positive, and while we wouldn't necessarily lean on that as evidence that more could follow, it at least speaks to some sort of volatile equilibrium between bulls and bears heading into the close.
Stocks are spiking mildly off their lows following news that Boehner will forgo that long and lonesome road back to Ohio in order to meet with The President today. S&Ps are still off about 10 points from their 10:20am highs.
10yr Treasuries don't seem to care much and have managed to traipse sideways between their morning highs and afternoon lows, currently up 2.6 bps on the day at 1.7282.
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