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Snowball Buying as Treasuries Break Resistance; MBS Following Reluctantly
Posted to: Micro News
Tuesday, February 18, 2014 12:23 PM

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10yr yields bounced several times at 2.712 just after 10am, setting up clear short-term technical resistance (i.e. a line in the sand that takes on increased importance simply because it's being revisited frequently).  After the resistance broke around 11:30am, a small flood of follow-through brought yields into the 2.69's.

This brings yields well below Friday's lowest levels.  MBS, on the other hand, are just now making it back to their best levels from Friday.  They'd have to gain roughly twice as much to match the 2-day move seen in 10yr Treasuries, but they're at least following the technical break. 

We're already seeing signs of the snowball buying having run its course, but if current gains are held, positive reprices are possible.

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  • Purchase Index 8.43%