Daily Update

Stocks are trading in a tight range for a 2^nd day as there is no apparent catalyst pushing strongly in either direction.  The euphoria appears to have wound down after last week’s Fed announcement of an “open ended” quantitative easing.  The big news remains Apple stock hitting $700 a share after the Iphone 5 introduction smashed previous sales records.  mortgagebonds responded to comments made by Fed members on both sides of the QE aisle by moving to the higher side of the trading range.  With rates reflecting all time lows, we will continue to advise locking in at these levels.