Not to be confused with free range chicken... We got our advanced copy of James Carville's talking points for an upcoming political discussion with us on MBS and Bond markets. We had to write him back to let him know the repeated use of "it's the range-trade, stupid" would not be necessary... We already know Jim... We already know...
But surely, the same technical price levels discussed earlier today (and earlier this week, and earlier this month) can't continue to serve as significant technical stops within a broader range... That would mean futures hit something like 118-00 earlier and then at least paused at 118-05 on the bounce....
whew... So does this mean MBS bounced around the correlated 100-15 level and are encountering resistance in the low 100-20 range mentioned in the previous post to correlate to 118-05 in futures?
Having the same lunch time and again may start to get boring, but at least it reassures us about the intraday weakness in MBS...
MBS Current Coupon is slightly lower at 4.349, with CC spreads fairly steady around 95 bps over the 10yr TSY note
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