• Fannie 4.5's up 7 ticks at 100-21
  • 10's down a few bps from 7yr auction time at 1pm from 3.75 to 3.73
  • Stocks pausing at resistance, while bonds catch a 2nd wind from theirs. 
  • 10yr chart is getting pretty cool... 

Speaking of that cool chart:

And what's good for treasuries has been directionally good for MBS..,to an extent (see yield spread range trade bias on this post)

Stocks aren't really arguing...

More on all this stuff later, but for now, you can float at least until cut-off and reassess.  We've seen a few lenders reprice the better, not many others though. More might. Stay tuned.