Rate Watch: Carefully Floating

More wild ride today! The Bond market opened slightly worse to the improvement in Stocks. Oil went to $98/ barrel, stocks rallied and Bonds were at the worst point of the day and I recommended Locking ahead of a midday loan price worsening. Stocks rally for the rest of the day and soar to a 400 point increase. But in the light of all of this movement, Bonds ended the day EXACTLY where they had started which was at 101.00! Lot's of movement from open to close, but we ended up in exactly the same place! Bonds are currently trading in a BROAD range of almost 100 bps (you should see the Bond Charts, it's unbelievable!)! On the technical side, bonds are trading between a ceiling of 101.47 and a floor of 100.50 (ended the day at 101). Anything is possible in this volatile market and I continue to recommend floating to see what direction we can see in tomorrow's opening.