Tuesday 7/1/08 ......... At A Glance

MBS BETTER 4 ticks. Utterly decimated compared to UST's (up 15 ticks!)
Stocks officially Bear this morning
On tap: ISM and Construction Spending both at 10AM.
If bonds lose ground, MBS will be the first pushed out of bed thanks to their "wide" problem.
QUICK LOCK GUIDE: Waiting for 10AM's data.

abbreviations guide (ongoing list):

MBS - Mortgage Backed Security

MDPC- Mid Day Price Change (plus means for the better, minus for the worse)

DOW or DJIA - Dow Jones Industrial Average

Ticks- 1/32nds of bond pricing. 8 ticks=8/32nds=.25 in cost (YSP or discount)

DoD, YoY, MoM- Day over day, year over year, month over month, etc..

O/N- Overnight

Coupon- The "interest rate' of the MBS

6.0's, 5.5's this will always mean FNMA 30yr Fixed MBS with a coupon of that number. 6.0's = 6.0% coupon rate MBS

PCE- Personal Consumption Expenditures

UST- United States Treasury Bonds. 5UST = 5 year, 10UST = 10 year, etc..

NAPM (PMI) National association of purchasing management (Purchasing Manager's Index)

ISM (MFG) Institute for Supply Management (mfg: manufacturing)

Wide/Gap/Gappy refers to the wideness or gap between treasury yields and MBS yields.