Locking bias

The U.S. Trade Deficit  closed the gap more than expected for the month of December.  Investors took that as a sign that the 4th quarter GDP might be better than initial estimates suggested.  Stock indexes all pushed higher at the open, and that is pressuring bonds once again.  mortgage bonds were positive much of the day yesterday, but prices were stopped dead in their tracks at the famous 200 DMA, and ended up closing  flat.  They opened lower, but are trading within the same range for the last 10 days.  While everyone expects some type of pull back in stocks, it has yet to show any signs of it happening.  Until then, interest rates will not be able to move any lower, so we will maintain a locking bias in the short term.

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