A dramatic turnaround has pressured equities upward. Treasuries have had continued strength into this with only mild selling in the last 20 minutes. MBS have had mild selling too, but unfortunately did not benefit from the earlier strength enjoyed by tsy's.

5.5's are clinging to what we would consider near, but not quite on, the floor of the danger zone at 100-16. Another tick or two may be a reprice trigger for more aggressive lenders. The official market close rolls around in 15 minutes, but that won't stop lenders from repricing for the worse if we fall hard.

Stay closely tuned and we'll let you know if things get worse.