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Posted To: MBS Commentary
10s have largely been able to elude the brunt of three bond bearish data sets this morning thanks to month-end index extension needs and previously placed positions, but we're not seeing much follow through or intent to extend yesterdays rally either. We're actually teetering on a breaking point at the moment. One that needs to hold. 10yr futures are currently testing the base of yesterday's rally, where volume accumulated as new long positions were added and rates really dipped. Now those traders are attempting to defend that position. If this support level fails we could see 10s jump back to the high 3.40s. Zooming out a bit...3.40% is a highly trafficked pivot in cash 10s. We targeted 3.31% into the new year, but after seeing how fast profits were booked when 10s crossed through the 3.36...(
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