Wed, Apr 24 2013, 4:23 PM
The overall trading range in MBS was 6 ticks from peak to trough, but that doesn't really tell the story of the flatness. With the exception of the f...
Tue, Apr 23 2013, 11:29 AM
Tradeflows have been a much bigger consideration this morning than the reaction to economic data. To that end, bond markets were on a mission to retu...
Tue, Apr 23 2013, 6:48 PM
Today's trading range turned out to be fairly similar to Monday's, with a notable exception. In both cases, the wider part of the range was seen in t...
Mon, Apr 22 2013, 11:47 AM
Before MBS began trading this morning, the overnight session was mostly negative for Treasuries. Asian equities were led higher by the Nikkei after t...
Mon, Apr 22 2013, 11:15 PM
April has been a pleasant month for MBS so far. Eleven out of the 16 trading days have been positive. Only 3 of the 5 down days have been more than ...
Mon, Apr 22 2013, 8:03 AM
Several weeks of relative silence out of the EU may soon be coming to an end. Certainly, market moving European news hasn't been completely absent th...
Mon, Apr 22 2013, 4:23 PM
If the PM hours were the only consideration for MBS markets today, it would have been as uneventful as Friday's super narrow session. Even without th...
Fri, Apr 19 2013, 12:21 PM
Trading ranges like today's are occasionally referred to as "inside days" due to the highs and lows resting "inside" yesterday's highs and lows. Insi...
Fri, Apr 19 2013, 7:13 AM
Although Friday's economic calendar is utterly empty, we're getting closer and closer to a time when decisions must be made as far as the trading mome...
Fri, Apr 19 2013, 4:14 PM
The day and the week had potential. As far as today was concerned, it was yet another chance to test the incessantly firm resistance that's capped the...
Thu, Apr 18 2013, 12:01 PM
The overnight session provided the week's best examples of logical cause and effect. Germany's parliamentary approval of the Cyprus bailout along wit...
Thu, Apr 18 2013, 8:05 AM
Bond markets may be getting ready to make a bigger movement in the near future for several technical and fundamental reasons. From a technical standp...
Thu, Apr 18 2013, 4:11 PM
The past two days have been interesting for bond markets and MBS as the realized volatility (the gaps between the highs and the lows) has remained w...
Wed, Apr 17 2013, 11:54 AM
The resistance theme of the week remains in play for MBS and Treasuries. Neither market has been able to successfully challenge the week's best level...
Wed, Apr 17 2013, 7:33 AM
For both MBS and Treasuries, the sense of "resistance " has been building for several sessions--" technical resistance" to be specific. This termin...
Wed, Apr 17 2013, 4:43 PM
If we consider the range of trading in MBS and Treasuries so far this week, Today's session saw both markets move from one extreme to the other and ha...
Tue, Apr 16 2013, 11:49 AM
The resistance theme mentioned yesterday and today continue to play out today, as has the headline "More Data, More Opportunity To Ignore It." The ...
Tue, Apr 16 2013, 6:46 AM
The theme of the week is resistance . Were it not for the Boston Marathon bombing and the timing thereof, it looked unlikely that bond markets would...
Tue, Apr 16 2013, 4:26 PM
Bond markets began the day in weaker territory after Monday night's flight-to-safety demand steadily dried up overnight. The domestic session was gre...
Mon, Apr 15 2013, 12:05 PM
Excruciatingly little has changed since MBS got in the door this morning, and Fannie 3.0s continue to trade right in line with those longer-term resis...
Mon, Apr 15 2013, 7:51 AM
There's no question that the past three weeks of trading for domestic bond markets have been their best 3 week stretch of the year. This was exclusiv...
Mon, Apr 15 2013, 4:23 PM
The last few ticks of price improvements in MBS amount to ill-gotten gains as they represent a quick flight to safety owing, in large part, to the tra...
Fri, Apr 12 2013, 11:29 AM
Bond markets began the day in slightly better territory after the European session traded "risk-off." German debt rallied, peripheral debt and equiti...
Fri, Apr 12 2013, 7:29 AM
Thursday was an enjoyable day for bond market bulls as both Treasuries and MBS managed to open in positive territory and hold those gains without the ...
Fri, Apr 12 2013, 4:12 PM
There was a twofold rally underway right from the outset today. Europe kicked things off overnight as the risk-on move that had been going strong all...
Thu, Apr 11 2013, 12:21 PM
A welcome break from the recent norms this morning as bond markets have remained stable in slightly better territory. The strength began as the start...
Thu, Apr 11 2013, 7:37 AM
At this point, Treasuries have unwound not only last Friday's rally, but Thursday's as well. They're very close to the lower levels of a long term in...
Thu, Apr 11 2013, 4:21 PM
Both MBS and Treasuries put in convincing performances today as they held on to morning gains all day without taking part in the same sort of fluctuat...
Wed, Apr 10 2013, 11:32 AM
The overnight and early morning trading hours were similar enough to recent patterns, with Treasuries flat during the Asian session and weaker during ...
Wed, Apr 10 2013, 7:47 AM
Bond markets spent another day correcting from Friday's post-NFP rally (moving higher in yield), but this time at a somewhat slower pace. In fact, th...
Wed, Apr 10 2013, 4:14 PM
Bond markets are in a bit of a predicament now, at least from a technical perspective. The longer-term uptrend stretching back to the middle of last ...
Tue, Apr 9 2013, 11:39 AM
MBS, Treasuries, and Stocks have all traded in eerily similar patterns to yesterday through the same time. This is characterized by an overnight sess...
Tue, Apr 9 2013, 7:22 AM
Today begins 3 days of Treasury auction supply with 3yr Notes at 1pm. The need to accommodate that supply may have played into some of the weakness y...
Tue, Apr 9 2013, 4:12 PM
Treasuries looked like they were going to put in a nearly perfect repeat performance of yesterday's movements coming out of the 1pm hour (specifically...
Mon, Apr 8 2013, 11:56 AM
It's been one of "those Mondays" so far with newswires and market movements struggling to keep market watchers entertained. That's a good thing in th...
Mon, Apr 8 2013, 7:37 AM
Sometimes everything comes together just perfectly. Last week was one of those weeks as far as MBS were concerned with Friday's reaction to the Job's...
Mon, Apr 8 2013, 4:20 PM
MBS prices fell all the way to early Friday morning levels this afternoon as an average Monday morning got sloppy as the day progressed. The volume d...
Fri, Apr 5 2013, 12:16 PM
The focal point of the week--this morning's Employment Situation report--fully delivered on its anticipated role as a big market mover. In this case,...
Fri, Apr 5 2013, 7:42 AM
What a difference silence from Europe makes! After Italy announced that it would be a good 10 days before we heard anything from the 10 wise men ( re...
Fri, Apr 5 2013, 4:20 PM
By now, it's clear that 3 days of bad employment data gave MBS a big
boost this week, but if it feels like there's more to it than that,
there is....
Thu, Apr 4 2013, 12:20 PM
MBS Live : MBS Morning Market Summary
++INSERT COMMENTARY HERE++
MBS Pricing Snapshot
Pricing shown below is delayed, please note...
Thu, Apr 4 2013, 8:05 AM
Yesterday, we began by pondering whether or not the ADP Payrolls or ISM Non-Manufacturing data would "break the monotony" that had, thus far, pervaded...
Thu, Apr 4 2013, 4:41 PM
The bad employment numbers
keep on coming and the good times keep on rolling for bond markets.
Specifically, MBS tightened vs Treasuries in a BIG w...
Wed, Apr 3 2013, 12:14 PM
For the most part, this morning's price action in MBS and Treasuries would be best characterized as a healthy rally, but as we postulated in the most ...
Wed, Apr 3 2013, 7:01 AM
Whereas Monday required some level of qualification and explanation to be considered an extremely flat session, Tuesday asked for no such consideratio...
Wed, Apr 3 2013, 4:41 PM
Today's DOMESTIC data-driven rally has definitely looked the part of "endangered species" over the past few years and especially in the past two w...
Tue, Apr 2 2013, 11:45 AM
Mortgage markets have done almost admirable job of holding their ground against what has been an almost admirable risk rally in Europe. Why only "alm...
Tue, Apr 2 2013, 7:20 AM
Monday's opener left a lot to be desired in terms of activity, but made up for it by being a solid day for MBS specifically. Treasuries caught a bi...
Tue, Apr 2 2013, 4:11 PM
Most of today's detectable movement was seen in the overnight session as European markets got back to work after 4 days off. Treasuries actually ralli...
Mon, Apr 1 2013, 11:54 AM
The absence of European trading and headlines makes for an extremely quiet session today in terms of volume and the pace of events that require respon...
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