Well, that's about it really. As always, we love it when MBS can maintain it's price level in 33% lighter than normal volume according to the MBS-Ninja. This is understandable considering everyone with more than a few cents in the piggy bank is waiting with bated breath for the resolution of King Henry's bailout.

The Dow is bangin' it's head against the "unchanged ceiling," but nonetheless is off a decent clip from it's lows. The whole FI stack has held firm in the face of this, suggesting a bit of a move off the sidelines as some of that old-fashioned "baked-in" goodness of EXPECTATION seeps into the market. You can't turn your head 90 degrees without seeing another "live feed" of a pundit or congressperson saying the deal's on or off, or in between.

Whatever the case, MBS are up 5 ticks and a plus at 100-08+. This is still a healthy 5 ticks below our upper purgatory window. It's uncanny just how firmly prices have held within the window this week. another 1.5 hours to go, and a window that we set on Monday, will have held every day this week, not only for closing prices, but for "going out" levels as well.

Things are shaping up nicely for a "bump" when and (hopefully not) "if" the bailout comes through. It's that waning "if" that is boosting volume currently. Until then, keep "float" alive!