Good Morning,
I hope your Tuesday is off to a terrific start so far.
What a day it was yesterday. With Stocks surging higher, Bond prices were pushed lower, and fell below both the 25 and 50-day Moving Averages (MA). Their decline was halted at the 100-day MA, a floor the Bond is trading near at the moment.
Housing Starts and Building Permits fell to record lows in April and though the numbers were weak, in the long run this could be a good thing because with fewer new homes being built, it will give the housing market opportunity to burn off existing inventory.
Stocks are taking a breather from their run higher yesterday, and Bonds are presently resting just above the floor of support at the 100-day Moving Average. So for now, I will recommend to Float as we watch this floor. If the situation changes, I will certainly let you know. In the meantime, I hope you enjoy the rest of your day (fabulous weather here - hope the same where you are). If there is ever anything that I can do for you, please let me know.
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