I am in beautiful Charlottesville Virginia today . Blogging today will be sparse from this point on as I am with my lovely wife,daughters and granddaughter. So family time takes precedence.
It appears that the sell off the other day was an exhaustion /climax trade from the crazed convexity crowd.
As I reported earlier there has been significant receiving in swaps and substantial buying of mortgages.
Some of the trade is aided by month end extension trades . Others perceive value at these yield levels and have piled in across the curve.
I will spend the rest of the day with my family and will resume active blogging Monday.