Friday 9/26 ... What else would you expect in the afternoon?

Stocks tick up, MBS tick down, neither too appreciably though.

Dow is up 30 to 11052.

5.5's are down 4-5 ticks, leaving us up 2 ticks on the day at 100-05.

It's not likely many lenders priced "on the come" when we were at 100-10, but there is the most miniscule of chances that a spooked lender might fret over that eighth and change, and decide to take it back over the weekend.

Don't let that change your strategy unless you're locking today or very early next week. The magic 8-ball still says: "All signs point to tightening." BUT, then this other di floats to the top saying "If the bailout passes!"

So, to whatever extent it passes, you're a floater. It's unlikely it won't pass, but the more salient fear would be a drastic rewrite that cripples cap market liquidity in favor of the poor, defensless taxpayer (who will incidentally be more poor and defenseless after they find they have no money to borrow because their elected officials were too busy to bone up on Cap Market 101). C'est La Vie...