Every once in a while, some market analysis comes along that's so revolutionary that it redefines what we think we know about the market.  For instance, yesterday, we said:

"there's not much that promises to inspire the markets to wild movements"

Well, this is not an example of such avant garde analysis.  In fact, it was starting to seem like a foregone conclusion by the time the lights went out yesterday, but the point is...  Well, there is no point other than MG trying to find an entertaining way to deliver another "sideways" update.

Yeah, you'll see some chopatility in MBS early, but how about since 1030?  A ONE, maybe TWO two tick range? And as you can see, tsy's are more boring still!  I would note, however, the emergence of a strong series of higher lows in MBS, right before I let you know how meaningless they were in terms of forecasting the afternoon.  Good practice for connecting the dots though...  In other words, for those of you who look for such trends, read nothing into this one.

All the "excitement" leaves MBS up a tick at 100-31 and the 10yr note continues in the 3.65's.    As always, we'll let you know ASAP if something changes, but unless it does, break out the cots.  Dim the lights.  And pass out the blankies.   It's nap time.