Safe play is to lock

Stocks attempted to recoup a portion of their losses late in the afternoon yesterday.  Investors
were shocked by the proposed details of the Cypress bailout repayment terms, which sounded more like a loan shark deal than the EU coming to the rescue.  Austerity appears to lack confidence in repayment.  The Cyprus vote to tax bank deposits is scheduled for today and is not scheduled to pass.  But the fact that it is being voted on by government should be a wakeup call to the world as to how invasive government control has become in the midst of financial crisis.  Housing numbers were released today, showing another month of improvement showing further evidence that the market is continuing to improve.  The Fed starts their 2 day meeting today with the monetary policy announcement tomorrow.  mortgage bonds are now at the top of the trading channel where they have been smacked down a half dozen times in the past.  While prices could move higher, probability says locking at this range has been the right decision in the past.  With Ben Bernanke
speaking tomorrow, it is a safe play to lock here.

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