Mon, Jul 29 2013, 8:27 AM
If market participants have been on vacation literally or
figuratively (and many have), this is the week worth coming back for.
In fact, it's one...
Mon, Jul 29 2013, 4:26 PM
It's no secret by now that Wednesday through Friday of this week bring
an exceptionally heavy load of economic data and events, collectively
carry...
Fri, Jul 26 2013, 12:33 PM
At this point the day has gone off almost perfectly as scripted.
Overnight data and events were irrelevant and did nothing to move bond
markets. ...
Fri, Jul 26 2013, 7:04 AM
There are two things that traders may focus on today: Consumer Sentiment
data and Exit signs. That's not anything to do with exiting a trading
po...
Fri, Jul 26 2013, 4:55 PM
Let's be realistic about markets--bond markets anyway. Nothing happened
this week. Of course "nothing" sounds a bit dramatic, so let's qualify
t...
Thu, Jul 25 2013, 11:50 AM
Bond markets began the day in moderately weaker territory and have given
up ground steadily since then. The batch of morning economic data was a
...
Thu, Jul 25 2013, 7:07 AM
When you see the word " technically " in this blog, it's safe to
assume that it means "according to a strictly technical assessment of
market move...
Thu, Jul 25 2013, 5:53 PM
To be fair, the late rally actually only "further preserved" the
range-trade. The heavy lifting in that regard had already been
accomplished by s...
Wed, Jul 24 2013, 6:27 AM
Whereas Tuesday stood out on the calendar as the least significant
day of the week in terms of the scheduled data on tap combined with the
least i...
Wed, Jul 24 2013, 4:28 PM
Today's session has all the trappings of a good, old-fashioned wake-up call .
Here we've been drifting rather pleasantly into positive enough
te...
Wed, Jul 24 2013, 1:00 PM
In more than a few ways, the past 3-4 sessions have been far enough away from reality so as to be discounted with respect to their impact on the bigge...
Tue, Jul 23 2013, 12:50 PM
The bulk of the "story" of this morning is in the first update (at the
bottom of the "Morning Reprice Alerts and Updates" list below). The
moral ...
Tue, Jul 23 2013, 7:24 AM
Yesterday's weekly opener
was all about how boring the week was likely to be for fundamental,
technical, and seasonal reasons alike. One down a...
Tue, Jul 23 2013, 4:59 PM
Bond markets improved into the noon hour and began giving up ground then. For Treasuries, that looked more like a "flattening out" process
whereas ...
Mon, Jul 22 2013, 12:09 PM
After an inconsequential overnight session deposited domestic bond
markets at unchanged opening levels, MBS have managed to slowly and
steadily wo...
Mon, Jul 22 2013, 6:59 AM
The past few weeks have made it look increasingly possible that bond
markets have already set the boundaries of trading ranges with the FOMC
event...
Mon, Jul 22 2013, 5:06 PM
The "uneventful" nature of today's session looked to be in the cards as early as last week
when markets failed to muster any meaningful response to ...
Fri, Jul 19 2013, 12:51 PM
The insignificance of this week of trading is being driven home
ferociously. Actually, it could be considered significant in the same
way that a ...
Fri, Jul 19 2013, 7:37 AM
There are few days that look less important than today in today in terms
of big-picture changes to bond market landscape. Even if Treasuries
were...
Fri, Jul 19 2013, 5:14 PM
These days happen. On June 20th, there were over 2.3 million 10yr
Treasury Futures contracts traded. The big nasty NFP sell-off day on
July 5th ...
Thu, Jul 18 2013, 7:32 AM
Today's session is useful in a way that yesterday's couldn't be.
Yesterday was the first time the world was acquainted with this Summer's
version...
Thu, Jul 18 2013, 6:19 PM
Fed speeches from Bernanke himself are always to be respected. The
twice-a-year congressional testimonies offer some of the clearest
examples of ...
Thu, Jul 18 2013, 2:11 PM
The second day of Bernanke Q&A with Congressional committees is done
and with shockingly little fanfare. Then again, it's not that
shocking cons...
Wed, Jul 17 2013, 12:46 PM
In this morning's Housing Starts data, we saw what we were expecting to
see in yesterday's NAHB data. In this sense, the morning's headline " All E...
Wed, Jul 17 2013, 5:50 PM
Even though it was only by a small margin, both production MBS and
Treasuries finish the day with a majority of the morning's gains
intact. This ...
Wed, Jul 17 2013, 3:04 AM
The case could scarcely be made any more clearly that all eyes are on Bernanke today, but the caveat of "potential energy "
is very much in order. ...
Tue, Jul 16 2013, 12:56 PM
This morning's Day Ahead
characterized the current trading environment in bond markets as an
"excessively moderate consolidation." So far today...
Tue, Jul 16 2013, 7:17 AM
With Bernanke's congressional testimony still a day away, Tuesday's session offers an opportunity to either make something
of yesterday's ostensib...
Tue, Jul 16 2013, 5:03 PM
The last two days may as well have not even happened. With the small
exception of Retail Sales, the current week has been all about Bernanke
Test...
Mon, Jul 15 2013, 12:30 PM
Bond markets looked indecisive overnight, holding flat in the European
session, before moving into weaker territory as domestic participants
began...
Mon, Jul 15 2013, 5:10 AM
The extent to which bond markets will be able to continue building on
last week's consolidation will be predicated on this week's data and
events....
Mon, Jul 15 2013, 5:10 PM
Apart from the heavy volume that followed Retail Sales this morning, the
day was quiet for Treasuries and especially for MBS. It's not
impossible...
Fri, Jul 12 2013, 8:21 AM
Bernanke's Wednesday night soothe-saying (as opposed to
soothsaying--it's funny if you think about it) was enough to get bond
markets through Thur...
Fri, Jul 12 2013, 4:54 PM
For all the sturm and drang surrounding mid-day market movements
inspired by dueling ideologies between Fed speakers, MBS are inching
toward the d...
Fri, Jul 12 2013, 1:21 PM
Today has almost been a carbon copy of yesterday where MBS started out
the day holding highs, ticked just a bit higher at 10am and started
heading...
Thu, Jul 11 2013, 8:45 PM
Prices below are for July MBS as of 4:05pm. Just after 5pm, those
prices dropped abruptly for Fannie and Freddie 30yr Fixed MBS
(collectively "Cl...
Thu, Jul 11 2013, 1:48 AM
Bernanke spoke late enough in the day yesterday that his
market-moving question and answer session escaped the brunt of the
domestic session's blo...
Wed, Jul 10 2013, 8:13 PM
Note the timestamp in the snapshot below is from 4:04pm. MBS were
pretty beat up at that point in the day, but were soon to get a lift
from Berna...
Wed, Jul 10 2013, 6:44 AM
The first two days of the week have progressively undone much of last
Friday's damage. but neither has been much to write home about in terms
of v...
Wed, Jul 10 2013, 1:11 PM
The morning has been a bit bumpier than the previous two for bond
markets for several reasons--not the least of which being that prices
have falle...
Tue, Jul 9 2013, 12:50 PM
It's been another "nice" morning for bond markets. Treasuries are
holding their ground and MBS are improving incrementally. Both began
the day i...
Tue, Jul 9 2013, 7:37 AM
Monday's session was certainly lacking in conviction . Volumes
were out of line with historical examples of post-NFP Mondays
(especially after ...
Mon, Jul 8 2013, 12:34 PM
With last Friday being the day after a holiday in the middle of summer,
it's a fair assumption that NFP was the only reason for many bond market
p...
Mon, Jul 8 2013, 7:27 AM
After Friday's wild ride , the first two days back this week contain precious little by way of data and events to inform the trade. Considering Wedn...
Mon, Jul 8 2013, 5:04 PM
On a trading day with no meaningful data or events, bond markets went
calmly about their business--picked up at least half the pieces from
Friday'...
Fri, Jul 5 2013, 12:08 PM
Fannie 3.5s ended Wednesday's session at the exact same 100-31 price
that Fannie 4.5s ended the session before Black Wednesday in 2009.
Consideri...
Fri, Jul 5 2013, 8:44 AM
Bond markets had already been on the ropes during the overnight
session with 10yr Treasuries rising as high as 2.58 before the domestic
open. Som...
Fri, Jul 5 2013, 4:34 PM
As noted previously, trading was basically wrapped up very early in the
day as most participants didn't want to be here any longer than
necessary....
Wed, Jul 3 2013, 8:11 AM
Yesterday's commentary noted that bond markets were likely to be
'bowling with the bumpers' for one more day--or at least held it out as a
possibi...
Wed, Jul 3 2013, 1:01 PM
Expectations for light liquidity on this holiday-shortened trading day
were well-founded, as movements between highs and lows were coming
quickly ...
MBS Market Alerts
