After the largest single day upmove in price in history, the rates out to be a helluva lot lower tomorrow, 8 full points in 15 minutes. For those of you who do not trade what happened today is impossible to overexaggerate how big of a move that is, beyond belief. In the old days the daily maximum limit used to be 2 points and was rarely ever hit. 8 points in a year would be a great year trading bonds, 15 minutes is insane.

Lenders might be in shock and may wait to see if that sticks, they did settle down some off the highs.