The treasury is moving quickly to get distressed securities bought, announcing their search for assets managers beginning in earnest.

MBS had a very calm day considering the calamity that abounded in the rest of the market

5.5's are currently up 19 ticks at 100-26+. We've held a narrow 6 tick range since WAY back at 9am Eastern.

Locking in tonight's gains is not a bad idea if you've been waiting for a few weeks now to see this. However, as the week progresses, the extremely wide spread levels are likely to give way to a favorable pricing environment.