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No Longer Pleasantly Flat
Posted to: Micro News
Thursday, January 31, 2013 9:51 AM
Just to remind us who's boss, markets are no longer 'pleasantly flat,' as volume and selling pressure spiked minutes BEFORE the Chicago PMI report that we thought might provide a challenge to the morning's supportive ceilings in 10yr yields and floor in MBS. We'd like to think (as would the SEC), that the much stronger than expected Chicago PMI numbers didn't have anything to do with the initial spike (how could they, right? unless word got out a few minutes early... Just sayin... the volume pop in 10yr futures was something other than simple momentum building in response to a morning stock rally).
Whatever the case, MBS swung 2 ticks lower fairly quickly and 10's hit 1.9975, where they currently threaten to ratchet higher yet again. Heading in the wrong direction so far...
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