MBS UPDATE: Register Ringing

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After a strong TSY performance yesterday, benchmark buyers are "selling into the rally"....this is that whole "ring the register" aspect of the range trading strategy we have been discussing.Here's the price action on the 10 yr note so far this morning.

As the UST10YR note yield approaches the 3.13% range (the previous resistance level is now support) this profit taking cycle will likely come to an end and MBS will stabilize....no reason to panic

Since 5pm "Going Out" Marks....

FN30________________________________

FN 4.0 -------->>>> -0-04   to 100-00  from 100-04

FN 4.5 -------->>>> +0-01  to 101-30  from 101-29

FN 5.0 -------->>>> -0-01   to 102-28  from 102-29

FN 5.5 -------->>>> -0-02   to 103-21  from 103-23

FN 6.0 -------->>>> +0-01  to 104-26  from 104-25

GN30________________________________ 

GN 4.0 -------->>>> -0-02   to 100-03  from 100-05

GN 4.5 -------->>>> +0-00  to 102-01  from 102-01

GN 5.0 -------->>>> +0-02  to 103-20  from 103-18

GN 5.5 -------->>>> -0-01   to 104-04  from 104-05

GN 6.0 -------->>>> +0-00  to 104-23   from 104-23