Locking is recommended here

Locking is recommended here

Stocks saw their biggest single day gain yesterday, with the Dow adding over 300 points.  The rally is continuing today so far, even though a debt ceiling extension deal has not been announced yet.  It is bound to happen, as the consequences of the U.S defaulting would be potentially catastrophic to the world financial system.  mortgage bonds were under heavy pressure yesterday, especially with stock rallying.  But bonds still held their ground, which indicates many investors see plenty of other issues that have yet to be dealt with.  That said, bonds are still below the 200 day moving average.  A cautious floating bias might pay off for slightly better pricing, but locking in on short term transactions is a wise choice.