Locking bias on short term transactions

Stock took a move lower yesterday after the Fed announcement, but turned right back around this morning.  Initial Jobless Claims came in at 324,000, which is the lowest figure in 5 years.  The European Central Bank also cut its rate to .5% after data that suggests their economy continues to struggle.  Even Germany showed signs of potential contraction for the first time this year.  The big news comes out tomorrow with the monthly Jobs report form the Labor Department.  mortgage bonds look to have peaked out right at a resistance level yesterday, and are in an overbought state.  Given the fantastic low rates right now and the higher risk of bonds moving down, we will maintain a locking bias on short term transactions in order to avoid the volatility.


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