Good Morning!
Happy Friday!
Mortgage Bonds had a great day yesterday--powering through multiple layers of resistance, including the tough 200-Day Moving Average. Stocks also had a good day, but stalled at their 200-Day Moving Average and have already dropped below this ceiling in early trading today.
In other news, personal income rose in June by its biggest gain in over a year. The increase in income led to increases in both consumer spending and savings in June. Spending rose for the first time in three months, while the savings rate climbed to its highest level since December 1993.
Currently, Mortgage Bonds are trading in the middle of a wide range of support. I recommend floating for now, as I monitor the markets to see if Bonds can make any more gains. But, as always, be prepared to lock if the situation changes. I will certainly keep you posted as the need warrants.
In the meantime, I hope you have a great rest of your day. If there is ever anything that I can do for you, please let me know.
Friday, June 26, 2009
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