MBS Live Day Ahead: Will Friday Finish What Wednesday Started?

After a stellar Monday and a big reversal on Tuesday, Wednesday stands out as the week's big shift back toward last week's trading range.  Today's session is in a position to finish the job.  That would only require minimal weakness at this point.  The alternative would be a sideways drift that sees bonds close right on the borderline.  Either way, without any major data on tap and the Fed Announcement ahead next week, today is inherently limited in its ability to inform the bigger picture trend.