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MBS CLOSE: What Can Today Tell Us About Tomorrow?

Posted by John on March 10, 2010 · Leave a Comment 

Posted To: MBS Commentary

This is always the question right? I mean, after all, we already know what is available on our rate sheets at the moment, but the most valuable question always asks for tomorrow's MBS prices today. Forgetting for a moment that you'll usually LOSE more money thinking that way than you'll make, let's suspend GUTFLOP and see if we have any hints at tomorrow's action according to today's events. First, the fundamental arguments… What do we know? 10yr auction built up a decent concession going in and stopped pretty much on the screws (meaning that rates went up ahead of the auction, then we saw strong demand at those rates) Strong demand AT THOSE RATES is evidenced by the relatively high "offers accepted at high" metric from the auction, meaning that most of the…(read more)

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