The AM So Far...
- 10 yr Treasury futures hit 118-18 high overnight. Gains however lost early this AM after stock futures started to tick higher at 1AM est. TY currently at 118-04
- Both stock and bond futures sideways since 6am.
- Choppy MBS price action continues. FN 4.5 hit 100-14 but quickly fell back to 100-10
- Waiting on housing data and Bernanke
Recap of Previous Session
- Range trade persists. Marginal gains at best
- We'll take marginal gains in face of generally negative news for bonds: Philly Fed and LEI positive after a slightly worse than expected Jobless Claims print. Could have been worse for us...
- Stocks cover shorts then go sideways in tight range. Close higher on day
- heady technical crossroads successfully tested in Tsy's as yields held below 2 month low for the 2nd day.
- MBS ostensibly nearing top of range.
- Yield curve sliiiightly flatter
In The Time It Takes To Type
- Oil prices near 2009 highs
- FN 4.5 slightly more improved. Then back to flat. CHOPPITY CHOP CHOP
- Existing Home Sales at 10am
- Also at 10, Dr. Ben from Jackson Hole.
- Its a late August Friday...illiquid market activity expected. Dont panic in event of choppiness...
MBS Market Alerts
