There really is not much else to today's MBS story besides the range-bound, flat, boring, and some might say even soporific trading.

Since 5pm "Going Out"  Marks....

FN30________________________________

FN 4.0 -------->>>> +0-02  to 100-03  from 100-01

FN 4.5 -------->>>> +0-04  to 101-28  from 101-24

FN 5.0 -------->>>> +0-03  to 102-27  from 102-24

FN 5.5 -------->>>> +0-01  to 103-18  from 103-17

FN 6.0 -------->>>> +0-02  to 104-19  from 104-17

GN30________________________________ 

GN 4.0 -------->>>> +0-05  to 100-08    from 100-03

GN 4.5 -------->>>> +0-04  to 102-03  from 101-31

GN 5.0 -------->>>> +0-04  to 103-15  from 103-11

GN 5.5 -------->>>> +0-02  to 103-27  from 103-25

GN 6.0 -------->>>> +0-02  to 104-13  from 104-11

UST10YR: 3.1630%

2s/10s: 219.24 bps

DOW: -20.71 to 8406

It may look exciting:

But we assure you, it's not.  Take out the very very brief spikes on the high and low side and we are still looking at a 5 tick trading range for a majority of the day.  A modicum of weakness has crept in over the past 30 minutes, but this is like a very slow and small non-kryptonite bullet to our MBS caped-crusader. 

After some ups and downs in tsy's, the 10 yr decided to come down from its high yields of the day and it back mid-range at 3.16.  Stocks showed moderate weakness, increasing into early afternoon in choppy, but still very narrow trading.  Fast times are ahead, we hope, with the 10 yr auction tomorrow, but not at Ridgemont High.  No my friends, if MBS persists with its nonplussed attitude, I think a more appropriate choice of high schools would be Jefferson, leaving MBS with the role of, who else?  The Fonz!

Coooooool no matter the situation......