Markets are starting the week without much of a move either way. The economic report calendar does not have anything scheduled until Wednesday when Retail Sales for January will be reported. The State of the Union speech is scheduled for Tuesday evening. Given the recent volatility that politics has had on the markets, we can anticipate plenty of uncertainty this week. mortgage bonds are close to flat as well, adding another day to the same range they have traded in for 11 days now. Interest rates have been stuck in the current channel and will not see any noticeable improvement until bonds move above the 200 DMA. We will suggest a locking bias on short term transactions.