Mortgage Bonds moved higher today on the devastating news out of Japan and as the unrest in the Mid East continues but they closed well off the best levels of the session halted by resistance and as Stocks were able to pair 2/3s of the days losses. The 4% coupon finished at 98.66 up 22bp. There were no economic reports today. As mentioned, Stocks were able t pare some losses as investors bought on the dips. The Dow fell 51.24 to 11,993.16, the S&P lost 7.89 to 1,296.39 while the Nasdaq dropped 14.64 to 2,700.97. Oil traded below the $100 mark today but was able to reverse course and move higher as news that the rebels in Libya were being defeated settling at $101.19/barrel near unchanged after trading as low as $98.47. The Fed will have a 1-day FOMC meeting tomorrow with the statement being delivered at 2:15pm ET. The only major economic report will be the NY State Empire Manufacturing Index.