Relatively quiet day, floating bias

Markets opened up the week relatively quiet, with the Dow trading down 38 points at the moment.  There are no economic reports until Wednesday when the Fed minutes are scheduled to be released.  Initial Jobless Claims will report on Thursday, and Retail Sales, PPI and Consumer Sentiment on Friday.  Earnings season for the 1st quarter begins tonight after the markets close.  mortgage bonds are slightly lower today, but have seen a 200 basis point run up over the last 3 weeks.  This has pushed interest rates down to the January low levels and out of the downward channel for now.  We will start today with a cautious floating bias, as the markets seek direction from earnings this week.

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