Wednesday 10/29 ... The bottom's in...

97-20 (ish) is your current bottom in MBS. We've bounced there 3 times in the last month, and again today, with certainty and conviction. MBS are currently back up to 97-24+.

If you've gotten reprices for the worse already today, everyone is invited to the float club tonight. Barring catastrophe, technical and fundamental indicators point to a high liklihood that 5.5 MBS will not be moving below 97-20 (ish) in the near future. Since we are so close to those levels now, that gives you clear license to float.