Cautious floating

Markets opened with stocks higher initially, but they have since moved into negative territory after a lower than expected ISM.  The economic calendar is relatively quiet this week, with the exception being the ADP Employment report on Wednesday, Initial weekly Claims on Thursday and the monthly Labor Departments Jobs report on Friday.  Markets will be looking for an optimistic number, especially as equities sit at their all-time highs.  A disappointing number would likely give investors a good reason to take some profit after a 10% move higher in the first quarter of this year.  mortgage bonds are currently above the 25 and 50 DMA for the first time since December.  We will suggest a cautious floating bias.

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