Good Afternoon,
I hope your Wednesday is off to a great start already. In the Markets today, prices continue to battle resistance at their recent price highs, having touched this ceiling each of the last three days.
In the news, the ADP Report showed that private employers cut more jobs than expected in September. Also this morning, Gross Domestic Product for the 2nd Quarter came in low, but not as bad as expected. Finally, the Chicago Purchasing Managers Index was reported well below expectations--which sent Stocks lower and helped Mortgage Bonds erase their earlier losses.
For now, I recommend floating. But the nearest level of support is still 50 basis points below the current level, so be prepared to lock if Bonds turn sour. I will keep you posted as the situation warrants. 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.
Wednesday, September 30, 2009
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