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 15th.  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.

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