Posted To: MBS Commentary
Today begins with yesterday's Italy-inspired mega rally under heavy fire. Compared to last Friday's closing levels, roughly half of the overall gains remain intact. That means the important "gap" created by yesterday's opening levels is still relevant (2.91-2.92 as seen in the chart below). In fact, yields are still quite a bit lower than that, despite having risen enough in the overnight session to ruin the morning of those who chose to float yesterday afternoon. But as we discussed yesterday, 2.91-2.92 (aka "the gap") is merely the base of operations in this new, higher stakes game for floaters. If that's a game you've chosen to play, you'll likely find out a lot more about how it's shaping up over the next few hours. From a technical standpoint...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
from Mortgage News Daily https://ift.tt/2srrmmO
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