Volatility has jumped as sellers press the market lower. Could be hedging for tomorrow’s 30 year bond auction or just a distribution trade for the new issue 10’s but nonetheless, prices are worsening. Current 10 year notes are now off 20/32’s and MBS down 9/32’s. We’ll need to see the 21 day MA hold. Currently, the battle is being fought (bulls and bears) right at that level. Hang in there.
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