Mortgage Bond Comment
Since the below comments came the bond market has dropped from the earlier highs. The reconmendation is to lock.
Stocks moved higher in early trading this morning, while Bonds started lower. However, both have since settled back towards unchanged levels.
In the news, 216,000 jobs were lost in August, which is better than the 230,000 job losses that were expected. While this appears to be good news, we must remember that these numbers are often revised later. So the jury is still out. What we do know for sure is that the overall unemployment rate climbed to 9.7% last month, which is more than double what it was two years ago and marks the highest level in 26 years.
Currently, Bonds are trading in a narrow range between resistance and support. I recommend floating for now, since it will take either a rally or sell-off in Stocks to push Bonds through one of these barriers. Remember, the market will be closed on Monday for the Labor Day holiday, so the next full day of trading will be next Tuesday.
Leonard Winslow, Dominion Trust Mortgage
434-760-2580 (cell)
leonard.winslow@dominiontrustmortgage.com
www.dominiontrustmortgage.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112.
Stocks moved higher in early trading this morning, while Bonds started lower. However, both have since settled back towards unchanged levels.
In the news, 216,000 jobs were lost in August, which is better than the 230,000 job losses that were expected. While this appears to be good news, we must remember that these numbers are often revised later. So the jury is still out. What we do know for sure is that the overall unemployment rate climbed to 9.7% last month, which is more than double what it was two years ago and marks the highest level in 26 years.
Currently, Bonds are trading in a narrow range between resistance and support. I recommend floating for now, since it will take either a rally or sell-off in Stocks to push Bonds through one of these barriers. Remember, the market will be closed on Monday for the Labor Day holiday, so the next full day of trading will be next Tuesday.
Leonard Winslow, Dominion Trust Mortgage
434-760-2580 (cell)
leonard.winslow@dominiontrustmortgage.com
www.dominiontrustmortgage.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112.
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