Friday 11/7 ... Danger Danger

Stock futures still being positive is boding ill for the entire FI sector. This isn't "life threatening" danger yet as we expect insane amounts of volatility today. The fact that futures haven't sold off is amazing and just speaks to the psychology in the marketplace: despite the current and anticipated numbers, the true sentiment among market participants is incredibly bearish in order to take such a thing in stride.

MBS are currently down 4 ticks at 100-06. This isn't enough to see prices open much to the worse. But by the time rates come out, the world may have changed. Only one thing to do. Stay tuned...