The mortgage backed securities market is rally today as stocks sell off. Currently up 8 ticks on the day we have not made back everything we lost yesterday so rates are slightly off in relation to yesterdays opening rate sheet, but interest rates are tracking back down.
An interesting day all things considered, if the employment situation coming in with some positive figures, showing the private sector posting about 100,000 new jobs, one would expect the stock market to rally with our unemployment rate dropping from 9.1 down to 9.0.
Meanwhile the G20 is going on with a Greek vote of confidence set to take place (two different events)... today is anything but quiet, and that may be what has investors skittish and nervous about equities leaving bonds...
All things considered I think today ends zero sum. We may see some movement and repositioning, but in our market I do not expect to a crazy rally... if we make back the losses we incurred yesterday I'll leave for the weekend a happy man.
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