Register or Sign in        Email This Page     Link To This Page    
Visit MND at MBA in NYC!
117,610
# of Subscribers
 

Send Article via Email

REGISTERED USERS (Free!):
Can forward to 6 email addresses at a time. Register or Login

Registered users also get the additional advantage of Co-branded Emails and Landing Pages. Learn more about these features.

Your Name: 
Your Email: 
I want to forward this to
(Enter Email Address Below) :
Include a Personal Message (optional)

Please add 7 and 3 and type the answer here:
Leave this field blank.
Email Preview Below:
This feature is now 100% free. Learn More About Co-branded Email and our other Co-branded Services.
 
This email was sent to you by:
Harry Chriest |
Mortgage News Daily

Message:   YOUR MESSAGE HERE
Email alerts, such as this one, are a free service provided by Mortgage News Daily. If you would like to receive an alert when important news breaks please register to join our community.
Bond Markets Open Slightly Weaker. No Traders Stirring
Posted to: Micro News
Monday, December 24, 2012 9:25 AM

Forward this email:  Send a copy of this story to someone you know that may want to read it.

To give an idea of just how slow things are this morning, consider today's 10yr Futures volume vs that of the last half-day juxtaposed to a major holiday: 11/23. On that Friday after Thanksgiving--an extremely slow trading session--there were just over 30k contracts traded through 9am vs under 10k today. For context, every single session last week saw that number over 100k (so roughly 10% of normal).

Keep in mind that Christmas is a global holiday compared to the likes of Thanksgiving. Tokyo is completely closed today and European markets closed early. The small amount of overnight trading was uneventful to say the least and ranges were incredibly narrow.

Treasuries and MBS kicked off the domestic session in roughly equivalent territory vs Friday's close, although it took MBS a few minutes to get there. Treasuries have leaked moderately higher along with stock futures ahead of the stock market cash open, but in that case, this merely means that 10's are up 0.009% to 1.779%. Fannie 3.0s are down a tick at 104-18.

ll that notwithstanding, prices/yields don't mean much if volume continues to operate at these levels. Barring the massively unforeseen, it should. There's nothing on the data calendar and Congresspeople are tucked safe in their beds, while thoughts of Fiscal Cliff debate dance in their heads. Seriously though... They're gone... Won't be back until 12/27, probably. So yeah... All that can really be done on a day like today in terms of markets, is to watch and react to any surprises. If we've been nicer than naughty this year, there won't be any.




More from MND:

 

If you would like to opt-out of receiving email forwards from this person please click here to remove your email address.

Forward this email:  Send a copy of this story to someone you know that may want to read it.

 

More From MND

Mortgage Rates:
  • 30 Yr FRM 4.18%
  • |
  • 15 Yr FRM 3.31%
  • |
  • Jumbo 30 Year Fixed 4.06%
MBS Prices:
Recent Housing Data:
  • Mortgage Apps -2.68%
  • |
  • Refinance Index -3.98%
  • |
  • FHFA Home Price Index 0.67%