December 3rd Mortgage Market Update 4

Mortgage backed securities (MBS) began the day slightly higher today having floated up to a spot minimally above resistance offered by the 100 day moving average.  As the afternoon progressed, however, traders began to consolidate their position in advance of this Friday's jobs report.  A close well below the 100 day moving average could bode poorly for MBS bonds in the short term.  Currently at 103.88 and just 11 points below resistance the bond seems to be drifting lower.