Finger on the lock trigger

So much for the Fed Minutes being released at 2pm ET today. Somehow, the transcript was released yesterday afternoon, but the public was not made aware of it until this morning. Markets liked what they saw, and all indexes are higher with the S& P 500 making a break to record levels above 1580.  mortgage bonds are lower, under pressure from stocks momentum.  They are currently sitting at a level of support, but face another auction of $21 billion in 10 year notes.  The auction results could add weight if it does not go well.   We will advise a very cautious floating bias, with a finger on the lock trigger.