Locking Bias

With no economic reports or glaring headlines out of Europe this morning, Bonds are slipping slightly lower as investors unwind some of their safe haven trading positions.

Over in Europe there is some optimism that a key meeting on the Greek debt talks will end with some good news, and it is weighing on the Bond markets today. In addition, the Treasury will sell a total of $99B in Notes this week and the added supply is capping Bond prices.

Due to the recent move lower in Mortgage Bonds and having subsequently fallen below a key support level, I have switched my short-term bias to Locking. However, in the longer-term, I will stick with a Floating recommendation.

Leonard Winslow
Direct: 434-760-2580

943 Glenwood Station Lane, Suite 200

Charlottesville, Va. 22901
leonard.winslow@newamerican.com
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