4.0's are having a hard time breaking through PAR today and are currently at 99-29 which is 7 ticks off on the day.  We are off the 11AM lows (another bounce off 99-23?  How long ago did we identify that line?).

Treasuries too have been very choppy, and stocks have swung from 8308 to 8150.

If you didn't see reprices earlier in the day, the risk remains high.

Spreads have actually widened today as the middle of the yield curve corrects from it's oversold state yesterday.  In other words, treasuries got the short straw yesterday, and although it's not as short, today is MBS's turn.