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Mortgage Bonds Flat

The Dow looked like it might close at the all-high yesterday, but ended the day negative with some profit taking right at the end of trading.  Today is the deadline for the Sequester which kicks into effect tonight at 12:00 AM.  Politicians are subjecting us to every degree of crisis possible.  However, with the DOW approaching 14,100, it appears the markets aren’t really giving it their full attention.  Progress out of Washington is about as likely as Dennis Rodman and Kim Jong Un becoming friends… Yes, Dennis Rodman’s basketball trip to North Korea is in the news…  mortgage bonds are flat at the moment, sitting right under the 200 DMA, the 50 DMA and the downward trend line.  If prices break above here, it would be significant for rates as they would move lower.  However, probability says bond prices will get pushed lower, so we will advise locking short term transactions.

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