Off The Highs (again)

Floaters may want to consider locking unless you were going to try to ride the wave of negative data and stocks over the weekend.  One potential feather in that hat is the fact that treasuries have had about DOUBLE the gains of MBS today.  This leaves some room for MBS to close the Gap next week.

Now, if that occurs while fixed income is suffering it doesn't do us any good, but if it occurs while stocks continue to slide and bonds continue to gain, it will do us a lot of good.

The majority of the negative data concerned housing numbers from the existing home sales report.