Locking Bias

With no bad news to hinder a move higher, stocks are positive with the S&P 500 trading just above resistance at 1425 for the moment.  Investors are also trading on the notion that the ECB will buy Spanish and Italian bonds to contain financial panic. mortgage bonds are being pressured lower, putting their  pricing right back on the edge of moving a level lower.  That in turn will push interest rates up to the next level if it happens.  We will advise  locking bias for today.