For a moment, let's kick back and basque in the glow. Looks like risk is coming back into fashion and markets ONCE AGAIN, really like the soothing and dulcet tones of Uncle Ben's voice who is currently in the Q and A portion of his testimony this morning.

A WHOLE new air of calm and confidence.... No shaking.... limited "um's..." Dry Forehead..... And in what might be the best example of a furrowed brow "snap," when recently asked in an obviously sarcastic tone "have you determined yet if it will have more benefit to buy worthless assets or simply directly inject capital into stuggling firms?" Bernanke's firm and purposeful retort, "we're NOT buying worthless assets, we're participating in a free market process whereby the assets will be valued according to what they're worth."

It really is a pleasure to watch him go these days. The MBS bid thinks so too.

5.5's are up 26+ ticks at 99-13+. Unless we shift, we're back to 5.5's