MBS MID-MORNING: Some Nominal Selling

Price action has had some "lagging spikes" as trades came in recently that were obviously either not accurate or from an earlier time today.  Whether it's due to these spikes scaring buyers a bit or whether we just gained a little too quickly, we have some nominal selling.  4.5's are up 9 ticks on the day currently at 101-10.  We'll be retesting some floors that served as ceilings this morning until be broker through them earlier.

Some lenders may reprice for the worse if they priced late this AM.  But a full scale sell-off does not appear imminent.