MBS Mid-Day: A Case Of The Monday's

We're actually a few ticks up from this AM.  4.0's in fact, are unchanged day over day at 100-24.

4.5's are now down only 2 ticks on the day at 102-04 and 5.0's are down only 2 ticks to 102-31.

We don't have much of a cause to go either direction today and it shows.  The AM was down as Sellers are fearless these days, knowing that the tradeflow considerations that might normally have them excercising a bit of caution or diminishing daily as Fed participation becomes commonplace. Speaking of that devil, some light Fed buying occurred this AM which was the primary cause for our rally.  Now, sellers are in short supply, but so are buyers.  So an apathetic "tug-o-war" may ensue unless something occurs to break the monotony. 

Smooth sailing for now, just waiting to observe effects of the settlement on lenders pricing philosophies.