Thursday 10/16 ... MBS rallying on weak data

By: Matthew Graham • Thu, Oct 16 2008, 10:27 AM

All of our scheduled data had come out as weak or weaker than expected today.

Stocks are down, tsy's and MBS are up.

6.0's are up 9 ticks to 100-18+

Keep float alive and stay tuned... MBS is finally picking up a bid as of yesterday's rally/bounce off wide spread levels and lowest prices of the year. Momemtum will really pick up steam when the treasury dowses our fire of pain with their magical TARP.