Cautiously Floating

Stocks moved higher this morning after Initial Jobless Claims came in lower than expected at 339,000. If this figure is correct, it is the lowest report in 4 ½ years.  The caveat… there is rumor that one undisclosed state did not report its figures in time, so they may not have been included.  Foreclosure activity was also reported at a 5 year low, which is another welcome sign that the housing market may be changing character.  Surprisingly, S&P has downgraded Spain, but European markets appear to be 1% to the positive side today with 1 hour to go in their trading day.  mortgage bonds are feeling the pressure and are down at the low end of their recent price channel.  The market is being weighed down by all the Refinance transactions moving in, but the Fed continues with its buying program.  With the Fed’s help, the assumption is that mortgage bonds will have enough support to keep them from moving much lower.  Interest rates remain in the all time low territory, so we will continue with a cautious floating bias

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