Market Comment
Mortgage Bonds are lower today and pushed below support levels this morning, but have since moved back to near those levels. There are no economic reports due for release today, so Bonds will respond to technical signals and the trading action in Stocks.
Some of the selling pressure in Bonds comes on the heels of yet another credit rating agency raising concerns on the deteriorating credit profiles of AAA rated countries. Fitch Ratings, like Moody's a couple of days ago, says the U.S. has moved substantially closer to losing its AAA credit rating.
The much publicized health care bill being voted on this weekend could be the catalyst that ignites the correction in Stocks lower, which could help the Bond markets next week. I will start the day with a Floating recommendation, and as always, I will monitor the market action throughout the day.
Leonard Winslow, New American Mortgage, Charlottesville
434-760-2580 (cell)
leonard.winslow@newamerican.com
www.newamerican.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112
Some of the selling pressure in Bonds comes on the heels of yet another credit rating agency raising concerns on the deteriorating credit profiles of AAA rated countries. Fitch Ratings, like Moody's a couple of days ago, says the U.S. has moved substantially closer to losing its AAA credit rating.
The much publicized health care bill being voted on this weekend could be the catalyst that ignites the correction in Stocks lower, which could help the Bond markets next week. I will start the day with a Floating recommendation, and as always, I will monitor the market action throughout the day.
Leonard Winslow, New American Mortgage, Charlottesville
434-760-2580 (cell)
leonard.winslow@newamerican.com
www.newamerican.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112
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