Locking Stance

Both China and Germany had some weak economic reports today, but U.S stocks pushed higher from the open.  73% of  the 111 companies in the S&P 500 that have reported earnings so far have beaten estimates.  The S&P 500 made a clear pullback to the 50 DMA a few days ago, but it looks to be headed towards the new high area again.  New Home Sales were slightly higher than expectations, adding another log on the fire of the housing recovery. Mortgage bonds have been stuck in a tight price range for the last 7 trading days.  The move higher since early March has bonds in an overbought state at the moment.  With stock momentum pushing higher and bond auctions on the schedule this week, a lock in this range will be the suggested stance for short term transactions.

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