As expected, stocks were the main bond-mover yesterday.  As they rallied, MBS prices dropped moderately.

The economic news released today has had little impact on the markets.  Traders are awaiting a statement from Bernanke at 1pm Eastern.  Be ready for rapid change after that.  In general, his statements that follow market panic have led to rallies in the stock market.  So if there are reassuring words, be ready to lock.

I don't feel like his statement can really cause the markets to tumble as I think those fears are already baked in.  

Watch stocks immediately after the statement and if there is any indication they will shoot up, locking is recommended.