Market Comment
Mortgage Bonds are starting the day lower, as investors appear to be cautious in advance of today's Treasury auction. Yesterday's auction showed so-so results, and Bond prices lost ground as a result.
Also today, news from Europe helped Stock prices firm up in early trading. Spain announced austerity measures to help narrow its budget deficit. And Germany showed a higher-than-expected rise in its Gross Domestic Product.
Currently, prices are hovering just below a strong ceiling of resistance, but have not been able to break above it. I recommend floating for now, as I continue to monitor the situation closely.
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
Also today, news from Europe helped Stock prices firm up in early trading. Spain announced austerity measures to help narrow its budget deficit. And Germany showed a higher-than-expected rise in its Gross Domestic Product.
Currently, prices are hovering just below a strong ceiling of resistance, but have not been able to break above it. I recommend floating for now, as I continue to monitor the situation closely.
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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