Good Morning,
I hope that this note finds you well and that your week is off to a terrific start already.
In the markets today, Mortgage Bonds are advancing higher so far today, after two days of healthy gains. Better still, they appear to have some room before reaching resistance at the 200-Day Moving Average.
In other news, the US Dollar is rebounding higher against global currencies. This is causing a sell-off in Oil and putting downward pressure on Stocks in shares of energy, mining and other natural resource companies. Also today, the New York State manufacturing index came in weaker than estimates, indicating that the US economy is still very weak.
I recommend floating for now. But with Stocks and Bonds essentially slugging it out near their respective 200-Day Moving Averages, the situation could change quickly. So be prepared to lock. I will certainly keep you posted if the events of today requires a change of course.
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.
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