Safe play is locking

Markets were lacking any catalyst to drive them either way this morning.  Stocks are struggling with the psychological levels of 16,000 for the Dow and 1,800 for the S&P 500.  mortgage bonds closed just under the 200 day moving average yesterday, but have been pushed lower so far today.  The economic calendar has CPI tomorrow and PPI on Thursday.  Janet Yellen will move one step closer to confirmation as the new Fed chief on Thursday, as the Senate banking committee is expected to give their approval.  Bonds have moved lower, but their loss is nominal at this point.  The safe play would be locking a short term transaction, but longer term deals can give price a little more room for now.

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