Market Comment

Stocks are rallying higher this morning. Although this would normally add selling pressure to Bonds, they are starting the day near unchanged levels.
Yesterday, the Fed issued its Policy Statement without any big changes or surprises. In today's news, Initial Jobless Claims was reported lower than expected and at the lowest reading since the first week of 2009. Continuing Claims also dropped, but this is likely due to benefits expiring rather than people finding jobs.
Despite today's better-than-expected numbers, tomorrow's official Jobs Report will probably indicate continued weakness in the labor market, with the unemployment rate likely nearing 10%. Bonds are currently holding their own; therefore, I recommend floating as we await tomorrow's report.

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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