Obligatory AM Commentary

Can you sense the analytical excitement that pervades MBS commentary posts in the 2nd half of December?

It's not that we don't see flat trading at other points in the year, but when it occurs on a relatively data-free, late December Tuesday, it's somehow more annoying.

And yet, who could be annoyed by flat trading when it is situated thusly on the longer-term chart?

Actually, someone could find a way to be annoyed if they were focused on an even longer-term chart:

There's very little of note on the calendar today (residential construction has already come and gone with no market reaction).  Fed's Bostic is out at 12:30pm ET.  That's not destined to be a market moving event, but with little else going on, it bears mentioning.

To reiterate the ongoing "2nd half of December" thesis, we're generally waiting for the first week of January for data and trading activity to become more relevant.