Short term locking bias

Short term locking bias

Stocks pushed higher initially, but have since pulled back to flat.  Durable Goods for March disappointed investors, as did the earnings reports of a few big companies.  The markets experienced a new threat yesterday, as the Associated Press’ Twitter account was hacked.  Stocks dropped 150 points within 2 minutes, as false news of an attack on the White House spooked investors.  The markets recovered quickly upon clarification.  mortgage bonds remain in a tight range at the top of their trading channel.  We will maintain a short term locking bias.