At A Glance:
  • MBS BETTER 4 ticks over official close, 0 ticks DoD, Slight Stronger vs. UST's
  • Stocks hit "bear" qualifications last week.  Futures bumpy but DJIA opens near even
  • NY PMI (not chicago), weaker at 45.4, but 6 mo. outlook rises to 63.8
  • Weekly outlook slightly improved for MBS
  • QUICK LOCK GUIDE: Floating until we see Friday's gains priced in.  Chicago PMI at 9:45.
    • Vigilance: High...  Chicago PMI is last scheduled data of day.  After that, we watch stocks and headlines...

abbreviations guide (ongoing list):
MBS -                  Mortgage Backed Security
MDPC-                 Mid Day Price Change (plus means for the better, minus for the worse)
DOW or DJIA -     Dow Jones Industrial Average
Ticks-                    1/32nds of bond pricing.  8 ticks=8/32nds=.25 in cost (YSP or discount)
DoD, YoY, MoM-   Day over day, year over year, month over month, etc..
O/N-                    Overnight
Coupon-                The "interest rate' of the MBS
6.0's, 5.5's            this will always mean FNMA 30yr Fixed MBS with a coupon of that number.  6.0's = 6.0% coupon rate MBS
PCE-                     Personal Consumption Expenditures
UST-                     United States Treasury Bonds.  5UST = 5 year, 10UST = 10 year, etc.. 
NAPM (PMI)          National association of purchasing management (Purchasing Manager's Index)