MBS ALERT: Nearly an Hour of Selling Leaving Us In Middle Of The Range

We swear, AQ has not been to the future and back, but nonetheless, check out his previous post in which he said: "Lenders may be setting up for "reprices for the better" but remain at the ready because those short term trading technicals that helped us recover this AM could easily reverse our fortunes as PROFIT TAKERS emerge. Stay tuned for alerts...GOOD OR BAD!!!"

Indeed we've heard about several reprices for the better, but now, some of the more rapid responding lenders may be considering taking it back.  The sell-off should probably not accelerate sharply, so not all lenders will reprice at these levels, but the risk is there for some.  We'll let you know if we go below current levels (did you notice by the way, that those current levels have halted right at our long term horizontal line?  If we can manage to pull off a few intraday bounces off that line, AND on a friday to boot, it would be a good sign for next week).

(UPDATE BELOW INSERTED 13:22PM EST)

Update....

Bounce we did!  This welcome sign of stability is leading (and may continue to lead) lenders who hedged their bets this AM to reprice for the better.