Short Term LOCK

The Dow is flat for the moment after rallying over 300 points yesterday.  The celebration may be difficult to continue as the masses start to grasp how the “deal” will affect them personally.  The ADP Employment report surprised many with private sector jobs at 215,000 versus the estimate of 140,000.  However, Initial Jobless Claims came in 10,000 higher than expected.  While the Fiscal Cliff was avoided, it was only a partial deal that delayed agreements on many other important issues.  Moody’s rating agency has announced that the United States AAA rating could be in jeopardy if the deficit is not dealt with. mortgage bonds were lower from yesterday’s stock rally, but they continue to trade above the 100 DMA.  Pricing is being supported by Fed buying.  Tomorrow is the Labor Department’s monthly Jobs report.  We will advise locking short term transactions ahead of the highly volatile event.

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