Did you feel like you got the "bait and switch" yesterday, being teased with 3 days of a facemelting rally only to be counseled that locking in gains could be a wise decision?

I know I did.

At any rate (pun always intended), MBS are tightening faster than Kirstie Ally's high school prom dress and we are ticking up like 17 clocks on an elevator here at the end of the day.

As of now, we are touching yesterday's highs with the 5.5's up 5 ticks at 100-11+

But Guess What?

No Soup For You! This is likely too late in the day for a majority of lenders to pass on these gains, especially considering the first part of our day was not only fairly negative and a bit choppy. Not only that, but as we keep harping on, tomorrow is HUGE (sorry, no more room for Kirstie Ally puns). So even though we are ticking up at the end of the day, it's no guarantee that tomorrow will open in similar space. If you are a floater at this point, you are still a floater through tomorrow, but now can do so with at least a modicum of hope.

If you do happen to be among the lucky few that get a late late late day reprice for the better that passes on a majority of these gains, it would not be unwise to go back and take a look at cashing those gains in as the 100-16 price level on 5.5's is going to be difficult to break through without some very supportive headlines or scheduled data.