• MBS close +8 ticks on the day, at 102-11, but that's off highs around 102-15
• 10yr notes have backed up aggressively and directionally, rising from 3.10+ to 3.17. Close at 3.16%
  
• Stocks meanwhile surge late day, but all of the above are simple movements within respective ranges

Charts tell most of the story from here on out. The order goes: 2 charts each of MBS, 10yrs, and S&P in that order, with 5 day chart first, followed by a 3 month chart.

Note that ranges abound across all markets and timescales.  Indecision...  Waiting for guidance...  Sapping much of the fundamental economic suggestion out of the movements.  In other words, did stocks rally to 1070 and tsy yields rise to 3.17 this afternoon because there was exactly that much movement suggested by underlying events and data?  Or did stocks find 1050 range resistance and pull the lever on the 10yr which saw 3.17 as the next rung on the ladder?  More likely the latter.  Guess that makes it a latter ladder?  <groans>

The moral of the story, don't read too much into these movements.  Use the metaphorical rungs on the technical ladder as varying degree of lock or float triggers.  In other words, the more trendlines MBS price breaks on the downside, the more I'd be locking the .0000001% of deals I might not have locked already (or new ones).  Of benefit as well are the trendlines that treasuries--and to a lesser extent, stocks--threaten to break on the upside.

It really is just that simple, at least until the markets have something a bit more substantive to digest.  That could happen as early as tomorrow, or we could be range-bound and waiting for guidance indefinitely.  The watching and waiting is all.