Witching Day

There are no economic reports on the books today.  However, today is a quadruple witching day, which is when multiple option derivatives expire.  Historically, it’s a volatile day for markets due to the added activity… much like filing taxes on April 15^th.  Apple is getting plenty of market attention with the first customers receiving their iphone 5’s today.  As a result, Apple stock is trading well above $700 a share.  mortgage bonds continue to hit their highest level in history, but obviously supported by Fed buying.  Therefore, we will maintain a locking bias at the lowest interest rate levels ever seen.