Market Comment
Investors continue to take profits off the table and abandon their "safe haven" Bond positions, pushing Mortgage Bond prices lower for the sixth trading day out of the last seven.
With the week's auctions behind us and no economic reports due for release today, Bonds have dropped below support at both the 25 and 50-day Moving Averages.
Yesterday, outspoken St. Louis Federal Reserve Bank President, James "Raging" Bullard said that he sees a slowdown in the economy for the second half of this year, but does predict a pickup in 2011. He went on to say that the Unemployment Rate will likely fall next year, and business spending should start to rebound. His remarks are another reason the Bond markets are lower today.
For today, I will recommend a Locking bias.
Leonard Winslow, New American Mortgage, Charlottesville
NMLS # 265272
434-760-2580 (cell)
leonard.winslow@newamerican.com
www.newamerican.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112, V2563958, MLO-4817VA
With the week's auctions behind us and no economic reports due for release today, Bonds have dropped below support at both the 25 and 50-day Moving Averages.
Yesterday, outspoken St. Louis Federal Reserve Bank President, James "Raging" Bullard said that he sees a slowdown in the economy for the second half of this year, but does predict a pickup in 2011. He went on to say that the Unemployment Rate will likely fall next year, and business spending should start to rebound. His remarks are another reason the Bond markets are lower today.
For today, I will recommend a Locking bias.
Leonard Winslow, New American Mortgage, Charlottesville
NMLS # 265272
434-760-2580 (cell)
leonard.winslow@newamerican.com
www.newamerican.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112, V2563958, MLO-4817VA
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