U.S stock markets opened with a selloff this morning on fears that Spain is closer to needing a bailout, and Greece may fall short of meeting its bailout terms. That makes default highly probable, and the domino effect could pull other countries down to an unknown degree. Mortgage bonds were pushing higher to new territory, but have since backed down a bit. The Dow was down 240 points earlier, but has regained about 100 points back at the moment. We will continue to advise a locking bias on short term transactions.