Hey, some of you didn't even have to wait for this morning's rate sheets for MBS to tick into "unchanged" territory.

Looks like stocks are slightly off their highs with the dow currently around 47 and the S&P up 6. We mention stocks as we are devoid of other data (apart from the quasi-data otherwise known as Lehman speculation), which is cause for UST's and MBS to inch along in a day trading pattern.

The magic 8 ball keeps saying "outlook uncertain." As long as you stay on your toes, we can get you out in plenty of time today if you're a short term locker. (but unless you have to sign this week, that is a lower probability position)

Think happy thoughts, do the MBS sacred, ceremonial rain dance, and maybe we'll push up into the 101's. We're riding a somewhat aggressive, but extremely well-supported trend channel currently. It's unlikely that we will break out to the topside, but the extent to which we've adhered to the trendlines is supportive.