Monday 9/29 ... Stocks Spike to Lows Of The Day, Bonds Happy...

The spread picture isn't any better, but between the last post and now, the DJIA has sold off over 100 points--now down to -312.54 on the day.

This has bumped the 10 year treasury up over 30 ticks on the day (+1-04 at 3.691), and, albeit reluctantly, MBS have followed suit. The 5.5 is up 14 ticks on the day now at 100-20. Lenders that released rates early this morning (at least an hour ago or sooner), may be considering a reprice for the better, though most will probably adhere to our favorite olympic weightlifter analogy and force the market to "hold its gains" before giving it credit for the advance in the form of an improved rate sheet.

Stay Tuned...