MBS RECAP: Mixed Bag; Mid-Day Gains; Late Day Selling

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Posted To: MBS Commentary

I'm Matt, but I'll be frank with you for a moment. I don't like the way this chart looks. If your mind's eye is anything like mine, A) you need really good glasses and B) you might see a linear uptrend that's been intact all year and merely punctuated by volatility in the week just passed. Today's candlestick didn't have to be red. In fact, by the early afternoon, bonds were in good shape–poised to head toward the close at slightly better levels on the day and week. But as we've discussed all week, it would take a constant supply of stock market trauma to sate the risk-averse desires of bond market bulls. As it happens, stocked pulled up before crashing through Monday's lows just in the nick of time, and rates followed into the close. All of the above is…(read more)

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