Thursday 10/9 ... MBS Opening

5.5's were down slightly at the open, and 10 minutes into the session, they are down slightly less, and tighter to treasuries.

Currently off 2+ ticks from yesterday at 100-02+.

What strange days indeed to see 2 straight days of tightening. Yesterday saw unprecedented headline events including that global coordinated rate cut (sans Japan). In addition, there seems to be more economic news, especially concerning announcements of countermeasures for the banking crisis, than, at which, a stick might be shaken.

Volatily? Yes. That's a cliche now. Just stay tuned... Lenders are fairly hedged the past few mornings and reprices. By staying tuned here, you should be able to be well ahead of any reprices.

We have a somewhat action-packed day today and will be back with the scheduled data, unscheduled data, and the market's reaction. Until Then...