No Economic Reports Today

There are no economic reports today, but Spain is drawing attention as citizens are starting to riot in opposition to the new austerity measures.  Spain is following in the footsteps of Greece, but Spain is also the 4^th largest economy in Europe.  That means their bailout would be substantially more expensive, and the impact of a crisis to Europe could be a much greater effect than Greece.  The Dow was down close to 100 points and mortgage bonds are pushing higher, close to new territory.  Given that interest rates are at lows never seen, we will still suggest a locking bias on short term transactions.