The employment report is in.

51,000 jobs loss versus expectations of 72,000.

Unemployment rate up to 5.7.

Average workweek dropped to 33.6 hours.

So far we have gone up a few ticks in MBS, but mostly sideways at our current levels of 100-18 on 6.0's.  That is 4/32nds IMPROVED from yesterday.

We could still see a massive movement in one way or the other just from this report.  This can occur gradually as traders dig into the numbers in an attempt to eek out more meaning from the subtext.

But it's "so far so good" for this first day of August.  If we the curve drop back to even on the day, you'll know about it within 30 seconds.