15 Nov Locking short term
After sliding down over 180 points on the Dow yesterday, stocks are feeling the pressure again this morning. The day started with the highest Initial Jobless Claims in 18 months, as well as a disappointing Philly Fed Index that came in well below expectations. mortgage bonds are higher this morning, but they have not been moving opposite the stock market for the last few days as they typically do. Prices are sitting on support, so we will maintain a cautious floating bias for longer term transactions. However, the short term looks like a good choice for locking at these levels of phenomenal interest rates.