MBS Day Ahead: What Would Victory Look Like Today?

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Posted To: MBS Commentary

Bonds weren't entirely clear in telling us if yesterday's ECB tapering announcement was a " good thing that simply needed to be digested," or if it was another brick in the recent wall of pain . The technical levels in the following chart can help us assess the health of any potential bounce back. These are essentially the same levels we've been discussing, but with a slightly more specificity due to recent movement. What I had been referring to as "2.42%" I now would see as more of a range between 2.413 and to 2.449. With 2 recent instances of supportive bounces at 2.449, it would be a good-enough result to simply hold under that ceiling heading into the weekend. 2.413 would be a stronger vote in favor of edifying a ceiling in this general range. Finally, 2…(read more)

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