Good Morning,
I hope that your week is off to a terrific start.
In the market news, the incredible volatility continues today as Mortgage Bonds have managed a triple digit rally since late last week. However, Bonds are near a key ceiling of resistance and there is still heavy supply coming to the market from Treasuries as well as Mortgage Bonds from recent refinance closings. These obstacles could lead to a quick reversal of any previous gains.
In other news, Stocks are also attempting to stay above an important level, and if they are able to improve, this will add even more pressure to Bonds. And tomorrow begins the 2-day Fed Meeting with a statement being issued at 2:15pm ET on Wednesday, and this is always a potential market mover. Leading indicators are pointing to some "positive commentary" from the Fed, but time will tell.
I recommend floating for now, but I will be watching closely to see if technical factors, supply, or the action in Stocks requires a change in direction for you or those you are working with. In the meantime, I hope that you enjoy the rest of your day. If there is ever anything that I can do for you, please let me know.
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