AT A GLANCE

• Sunny Day... Chasing the clouds away
• 6.0's up 9 ticks to 100-05 on slightly tighter spreads.
• worse than expected Fannie results offset by several factors (more on that later)
• Good News on inflation as Unit Labor Costs fall short of expectations
• positive spread action in the face of Fannie Data is an excellent sign.
• make sure your seat backs and tray tables are in their full upright and locked position.
• to lock or not to lock:
  
• FLOAT
• we're gaining into the morning (+), Fannie News didn't destroy us (+), Spreads are actually tighter (+), bullish technicals (+), it's a friday (+)
• Hopefully we finally have the confirmation we're looking for  up the "upturn," but it's not a given and it doesn't mean you can check out for the day if you're floating.  The great thing is that we will get rates before any tape bombs have a chance to spoil our fun which means, if you're skittish, we can get you out of the market before a mid-day reprice.
• wild ride, no?