Good Morning,
Mortgage Bonds are trading higher so far this morning, after trading quite a bit lower yesterday.
In the news, the Case/Shiller Home Price Index came in at its best reading in nearly twelve months and the first month-over-month improvement in three years. This is good news, especially when combined with the last few months of improved Existing and New Home Sales.
Currently, Mortgage Bonds are trading just beneath a layer of resistance formed by the 25-, 50- and 200-Day Moving Averages. I recommend floating for now to see if prices can build on the positive vibe. But be ready to lock if the Treasury Department's auction of $42 Billion in 2-yr T Notes shakes up the market later today.
I hope that you really enjoy the rest of your day. If there is ever anything that I can do for you, please let me know.
Tuesday, July 28, 2009
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