Mortgage backed securities (MBS) closed up 12 basis points today at 104.34 having shot through resistance offered by the 200 day moving average up to 4.50 prior to settling just 4 basis points below it. The bond market did surprisingly well with the Fed's decision on further tapering due tomorrow at 2PM. After yesterday's foreboding closing chart sign, I did not expect the 4.50% 30 year rate to last through today.
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