With today continuing yesterday's tradition of offering very little by way of scheduled events, bond markets must look elsewhere for cues.  Actually, that's not really a fair conclusion considering bond markets haven't really been paying much attention to scheduled economic data in the first place.  So let's say this: with or without scheduled data, bond markets are taking cues from the same old places.

These include the stock market and European markets of late.  Both are being helpful today.  Stocks accelerated lower fairly quickly at 9:30am and European markets were supportive all night after weaker economic data.

MBS opened just slightly stronger and while they haven't been able to keep pace with the Treasury rally, they're still nearly a quarter point higher on the day.  10yr yields are testing an important technical level at 2.57.  If today is anything like yesterday in terms of European influence, the positivity could get more challenging after 12 noon when EU markets close.

MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
FNMA 3.0
98-11 : +0-11
FNMA 3.5
102-12 : +0-07
FNMA 4.0
105-20 : +0-05
2 YR
0.5040 : -0.0120
10 YR
2.5648 : -0.0522
30 YR
3.3857 : -0.0533
Pricing as of 7/8/14 11:53AMEST

Morning Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
10:04AM  :  Bond Rally Continues as Stocks Open Weaker; Europe Still Helping
9:06AM  :  Bond Buying Trend Continues Overnight and Into Domestic Session

Live Chat Featured Comments
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Matthew Graham  :  "stocks, Europe, range-trade (note the "range bounce" + "momentum bounce" ideas in the Day Ahead)."
Hugh W. Page  :  "stocks?"
Jeff Anderson  :  "Gm, all. What's the big push from today?"
Hugh W. Page  :  "Once we close below 2.47 and stay there for a bit I'll get a little more excited."