Stocks in rally mode

After falling for six days in a row, stocks are in rally mode this morning.  Ironically, the S&P 500 crossed below its 50 day moving average yesterday, but went on to close just above it.  PPI for June was released and rose by 0.1% versus estimates of -.06%, and core PPI was in line with expectations.  Consumer Sentiment was just reported and hit a 7 month low.  Also making headlines was JP Morgan.  After reporting a $5.8 billion trading loss for the year so far, their recent earnings were higher than anticipated.  mortgage bonds are flat after hitting a new all-time high a few days ago.  We will continue to advise a locking bias on short term transactions.

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