Cautiously Floating

Stocks opened higher as it appears that Cyprus had pulled through in the 11th hour and avoided default.  Had the default happened, Cyprus would have been the first country to exit the Euro.  Their banks have been closed for over a week.  The Cyprus President is expected to make a speech addressing the issue, which will be closely scrutinized by the markets.  The initial terms of the loan look to tax accounts of over $100,000 Euro’s by at least 20%.  Stocks have turned negative with the Dow down by 50 and the S&P 500 at 1553.  mortgage bonds moved from lower to higher currently.  In addition, bonds face $99 billion of auctions in this shortened trading week, which could increase volatility.  All markets will be closed on the 29th in observance of Good Friday.  Ben Bernanke is expected to speak today as well which could move markets, but we will start with a cautious floating bias due to the current pressure on stocks.

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