QE 3 Still Possible

Mortgage Bonds are giving up some of last Friday's Fed inspired gains, which was triggered by Fed Chairman Ben Bernanke after he reiterated that the Fed stands ready to do more Quantitative Easing (QE) - this sent all of the markets higher...Stocks, Bonds, Gold and Oil, all at the expense of the US Dollar.

With Mortgage Bond prices near the upper end of the trading range, I am recommending a Locking bias in the short-term ahead of Friday's jobs report and before an important European Central Bank (ECB) meeting on Thursday.


Leonard Winslow
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