Locking Bias

Markets are continuing the search for direction in this government shutdown environment, with stocks pushing lower andmortgage bonds trading flat at the open.  Headlines are dominated by the debt ceiling deadline, along with the consequences that it could trigger.  Meanwhile, politicians are in their element blaming each other for everything, as the whole world is practically forced to be the audience.  mortgage bonds stalled just under the 200 DMA once again yesterday, so we will suggest a locking bias due to the volatile environment of politics.

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