Locking here is safe play

Markets are fairly quiet this morning, as there are no economic reports scheduled today.  Stocks dipped slightly at the open, but have worked their way back to even for now.  The bond market has $30 billion in auctions today, and results will be released at 1 pm ET.  mortgage bonds attempted to break through resistance yesterday at the 100 DMA, but were unable to do so.  They looked to be making another run at it this morning, but prices have been pushed off of their highs.  Again, we reiterate the importance of support and resistance.  When they are beneath us they are our friend, but when above us they are our challenge.  Given that bonds are still positive for now, so we will maintain a floating bias.  However, with the 100 DMA just above us, locking in now is the safe play.

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