Friday 10/17 ... New Lows

Lender that priced more than an hour ago, will probably reprice for the worse. The losses are not "Piling on" though and we are staying strong versus tsy's.

Mid to long termers are welcome to keep floating. Short terms (1-4 day doc order time frame) are looking safer to lock. Be advised, we have NOT fallen below yesterday's levels though, and the 6.0 coupon is actually 1 tick higher than yesterday. If you are agreeable to a somewhat bumpy ride, stay on the float train and we'll get you out of the market if something catastrophic looks like it's going to happen.

Stay tuned...