Good Afternoon,
Mortgage Bonds started the day sharply higher after Initial Jobless Claims rose higher than expected. Upon hearing the news, investors shifted money from Stocks to Bonds--which helped Mortgage Bonds improve dramatically
Yesterday, the Federal Reserve reiterated that its Mortgage Backed Security purchase program will end in March as scheduled.
For now, I recommend floating to see if Bonds can gain some additional ground before facing a ceiling of resistance at the 50-day Moving Average. I will let you know if a change of course is needed. Have a great rest of your day. If there is ever anything that I can do for you, please let me know.
Thursday, December 17, 2009
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