Short term locking bias

Stocks pushed higher initially, but have since pulled back to flat.  Durable Goods for March disappointed investors, as did the earnings reports of a few big companies.  The markets experienced a new threat yesterday, as the Associated Press’ Twitter account was hacked.  Stocks dropped 150 points within 2 minutes, as false news of an attack on the White House spooked investors.  The markets recovered quickly upon clarification.  mortgage bonds remain in a tight range at the top of their trading channel.  We will maintain a short term locking bias.

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