Tuesday 9/30 ... Update on developing breaking SEC news

CNBC is reporting that the SEC may give guidance on the fair-value accounting for MBS (the bad stuff), as early as today.

5.5's down a full point to 99-18.

You'll be lucky to see 6.0 at PAR if Prices hold here through the morning.

(float clubbers, keep your candles burning... once we get past settlement, and assuming a rather big variable that "something" will happen to ease capital market investment aversion, the combined effect should propel us over this morning's levels. This eventuality is based on an analysis of historical trends and can NOT be relied on as a given in this market. If you cannot afford the risk, don't try to afford it! Then again, it's unlikely your lender will be honoring any lock sheets coming in right now anyway. So! Welcome to the main floor! Fire's over there, Brimstone's over there. Couple of us were thinkin' about gettin' out of here. Grab a shovel and make yourself useful. Hopefully we'll be out of here by the middle of October--or potentially much sooner depending on bailout developments. Whatever the case, this afternoon's weakness will stand as an obvious outlier due to a confluence of some very "MBS-unfortunate" events).