Although the give and take wasn't quite as drastic as yesterday's, once again we saw prices travel in a confined range with an almost symmetrical pattern. Once again we had economic data that could be interpreted either way and a stock market that did not make a decided move in one direction or another. "Waiting for Guidance," "Range-Bound," etc... Call it what you will it was a mostly uneventful end to a mostly uneventful day. 3 and a half hours ago we said: "Trading has been range-bound in 4.5's between 99-12 and 99-03 with the later emerging as the today's clear choice for a support level..." ...
Filed under: daily rates, interest rates, lock, market commentary, mbs, Stock Lever, Waiting for Guidance, wait and see, MBS Status Quo, NFP, Exhaustion