Best bet is to be watchful of the market into the Friday Employment Report

Volatile trade in both stocks and MBS has markets moving once again.  Stocks were off over 100 points on higher than expected ADP jobs estimates and a sour Chicago Purchasing Managers report.  Mortgage backs opened to the down side, off 2/32’s for much of the morning.  That has all changed as stocks have now gone positive (up 16 points on the Dow) while mortgage backs are feeling the pressure, down 5/32’s.  Spreads between MBS and Treasuries have also widen, akin to throwing salt in the wound.  Best bet is to be watchful of the market into the Friday Employment Report.

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