Locking bias

Markets opened close to even this morning as traders wait on details from Europe in regards to the ECB’s next step.  The battle between the ECB and Germany’s high court indicates the disconnect between the European countries.  With the only uniting element being currency, it’s easy to see why the better performing economies do not want to be shackled to those that are failing.  Rumors were out that the ECB would implement an unlimited bond buying program, but that is being denied at this time.  mortgage bonds are holding at a resistance level and may not see much movement until more information is released tomorrow.  We will advise a locking bias on short term transactions.