In light trading activity the coupon stack has sold off  a few ticks and is agressivley testing and re-testing our support levels.

FN 4.0: +0-04 at 100-10

FN 4.5: -0-04+ at 101-17

FN 5.0: -0-02 at 102-04

FN 5.5: -0-03+ at 102-17

FN 6.0: -0-03+ at 102-29

Spreads have widened, volume is light, and the TSY is MIA...this sort of environment has not lasted long since full throttle Quantitative Easing began earlier this month...because our governments recent "clean record" we are hesitant to issue a lock recommendation at this point.... especially with lenders already hoarding bps

No reprices for the worse reported yet but we are in a danger zone. If the 4.5 and 5.0 break through support we will alert. Stay tuned we are diligently monitoring developments....