Mortgage Bonds continue to trade in a sideways to slightly higher pattern today getting support from lower Stock prices. Over in Greece, the country is struggling to form a new government, which is renewing the debt woes that have stricken the region for nearly two years.
Equity investors are just looking for an excuse to sell after the big gains so far in 2012 and today are looking at the European crisis for an outlet. The Treasury is set to sell $32B 3-Year Notes today and the results could impact trading this afternoon.I will continue to recommend a Floating bias, but with Mortgage Bond prices at record highs and home loan rates at record lows, sentiment can reverse in a heartbeat. If anything changes, I will get back to you.

Leonard Winslow
Direct: 434-760-2580
943 Glenwood Station Lane, Suite 200
Charlottesville, Va. 22901
leonard.winslow@newamerican.com
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Comments

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    ReplyDelete

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