MBS OPEN: Tightening as expected after CITI Bailout, but just barely postive

Current MBS Price and Day Over Day Change:

FN 5.5 30YR MBS = 100-17  .... +0-01 (1 tick)

The 5 year tsy is down 11 ticks, 10 yr down 16 ticks.  Tons of tightening at the open, but whether or not MBS can hold gains is uncertain.  Only 10 minutes into the session now, so we'll be back with more soon.