Though 6.0's remain unchanged, we've seen more volume come through 5.5's and even 5.0's. Each are down 3-5 ticks in the last 10 minutes.

The ninja cites that most abstruse of financial concepts: more sellers than buyers.

5.5's currently at 98-09, down 2 ticks on the day.

It's hard to say how lenders will react to this volatility in the lower end of the stack as nary a one has rates in that range after last Friday. Still, they may hedge based on the lower stack being an indication of overall sentiment. You might lose an eighth, but the overall outlook remains floatish until we have further indication of weakness.

During typing, 6.0's ticked down by 3 to 100-02.

Stay tuned....