No economic reports today

Markets opened slightly lower, as initial observation shows that the Sequester is not having much, if any of an impact in the financial markets.  There are no economic reports scheduled today. However, the calendar heats up on Wednesday with the ADP Employment report, Initial Jobless Claims on Thursday, and the Labor Department’s monthly Jobs report on Friday.  The tone of these reports could easily be the catalyst that pops stocks up and over the psychological highs, or knock them down a notch as many are expecting.  mortgage bonds remain in a tight price range, but that range is just under multiple layers of resistance.  Probability favors bonds moving lower, so we will maintain a locking bias on short term transactions.

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