Yesterday was Halloween, but the zombies are still out and about today in the market. Sub prime zombies feed on rate cuts. If they do not get at least 50 bps at a time the zombies come out and feast on companies like ABK, MTG, PMI, RDN, etc. It looks like they are done feasting for today, but I am sure that they will get hungry again in the next few days/weeks/months. Mortgage resets tend to add to their hunger as well.
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