Good Morning,
I hope this note finds you well and that your week is off to a terrific start!
In the financial markets today, Mortgage Bonds are near unchanged levels, but off the best levels seen earlier in the day. Stocks are starting the week on an upbeat note with Bank of America receiving a very strong buy recommendation by being put on Goldman Sachs conviction buy list. Lowe’s Companies posted significant positive earnings, also adding to the boost in Stocks.
Oil prices are moving higher in advance of the summer driving season. Unleaded gasoline has risen every day for the past three weeks and is now at $2.31 a gallon, on average, nationally.
There are no economic reports set for release today, however there are several key reports this week, which include Thursday’s Initial Jobless Claims, that will give us a better look at the current condition of our economy.
With prices in a sideways trend near the 25-day Moving Average, I recommend carefully floating for now. If the situation changes and a different course of action is required, I will certainly let you know. In the meantime, I hope the rest of your day is great for you. If there is ever anything I can do for you, please let me know.
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