Locking Bias

Momentum is shifting over to stocks again, as a few positive economic reports and hesitancy to engage Syria appear to be the catalysts.  The Commerce Dept reported that the next revision of GDP came in at 2.5% versus the 2.1% estimate.  Initial Jobless Claims were also in line with estimates at 331,000 claims for last week.  Congress and other U.S Allies are still waiting for U.N. investigators before approving military intervention in Syria.  But Wall Street does not seem to think the involvement will be too drawn out, even when it does start.  mortgage bonds repeated history again, with a move lower after touching resistance at the 50 DMA.  The floor of support is closing in and forming a wedge as the 50 DMA is pointed lower.  Interest rates are limited from moving lower, so we will suggest a locking bias today.

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