Stocks are under pressure this morning, as the ADP report showed fewer jobs added than expected. Private employers added 158,000 jobs last month, but the estimates were looking for 197,000. The previous month was revised higher which may have softened the blow to stocks, but the ISM Services Index came out with its lowest figure in 7 months. The Dow is down around 40 points, but mortgage bonds are trading higher above the 25 and 50 DMA. While bonds have had momentum lately, the 200 DMA is only 40 basis points overhead from here. We will maintain a cautious floating bias as long as stocks are under pressure.