At A Glance:
- After yesterday's very smooth day, O/N and this AM = volatile.
- Case Shiller Drops a Bomb (on your home). Prices down 16.9% in the last 12 months.
- Merrill Lynch writes down via CDO sale -- 8.5 billion.
- Covered Bonds, previously lurking in shadows, "introduced" by Paulson Yesterday.
- Consumer Confidence due out at 10AM EST.
- All Friday's losses regained in one short day yesterday. 1/3 of that gain retraced this morning.
- MBS down a quarter of a point of YSP in very volatile trading.
LOCK GUIDE: FLOAT
- As per usual, we float intraday and will reassess before lock cutoff's. Bonds remain VERY reactive to stocks, so watch all the major indexes for rallies.
- VIGILANCE: EXTREME
- Today marks the beginning of what will be, for better or worse, an extremely volatile 4 days for the markets.