Good Morning,
I hope that your Thursday is off to a great start! Mortgage Bonds are still holding above support this morning at the 200-Day Moving Average, after digesting lots of news.
Yesterday, the Fed confirmed that its Mortgage Backed Security purchase program will end March 31, 2010. In today's news, Initial Jobless Claims showed that the labor market is still struggling, as last week's claims were higher than expected. Durable Goods Orders also significantly disappointed, coming in much lower than anticipated.
I recommend floating for now, as Bond prices try to hold above the 200-Day Moving Average. But be prepared to lock if the situation changes, especially with another Treasury auction on tap this afternoon. If the situation changes, I will certainly let you know. In the meantime, I truly hope that you enjoy the rest of your day.
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