Following what might be considered the most tumultuous week and weekend in the capital markets in recent memory, MBS are trading in a 7 tick range so far this morning, not enough to illicit an appreciable response in terms of reprices.

The 6.0 coupon has been as low as 100-02 and as high as 100-09. Currently, we're right in the middle of that range at 100-05, which is unchanged from Friday's "going out" levels.

Stocks have just turned negative on the day, but the "confidence injection" is not fading from MBS. Spreads remain tightened due to weak treasuries though we have widened slightly since the open.

All in all, fairly uneventful and continuing to play out as expected.