Locking Bias

Greece is back in the headlines as EU bank examiners have been reviewing Greece’s books to determine if they will qualify for the next round of bailout funds.  Rumors are swirling that there is a much greater shortage than expected, which if true, puts the bailout  back on the chopping block.  Apple sold approximately 5 million iphones over the weekend, but that was not enough to really satisfy investors.  U.S.stocks opened lower from foreign market pressures and mortgage bonds are receiving the support of the Fed as they move to a new high at the moment.  Interest rates are at the all time lows again, so we will recommend a locking bias as the bond market faces $99 billion in auctions this week.