• MBS BETTER 4 ticks.  Utterly decimated compared to UST's (up 15 ticks!)
  • Stocks officially Bear this morning
  • On tap: ISM and Construction Spending both at 10AM.
  • If bonds lose ground, MBS will be the first pushed out of bed thanks to their "wide" problem.
  • QUICK LOCK GUIDE: Waiting for 10AM's data.
    • Vigilance: Low

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)
ISM (MFG)            Institute for Supply Management (mfg: manufacturing) 
Wide/Gap/Gappy   refers to the wideness or gap between treasury yields and MBS yields.