Philly Fed Survey up 3.8 from -12.7 last month.

Leading indicators was down slightly more than expected at -.5% versus -.2%

One of the components in the LEI, prices paid, was slightly lower than expected, which is positive news for inflation.

The first report is equities positive, 2nd report, equities negative.

The great thing about being beaten up so bad in terms of spread (risk aversion) recently is that MBS, Stocks, and everything else in the world that isn't a treasury has, to some extent, all been "lumped together" in the mind of the market under the broad term of RISK.

If demand for risk increases, that's MBS positive and equities positive. So, as opposed to the normal MO of MBS, we can actually see prices improve in concert with equities strength (at least relative to the status quo). Indeed, the scheduled data led to a re-tightening to this morning's levels. We're still at 100-24. Stay tuned.