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Friday, November 14, 2008

Rate Watch 11/14/08: Carefully Floating

After 4 days of positive Bond price movement (remember, price up, yeild down and Mortgage rates down), and after a good start yesterday, my floating recommendation changed to a lock recommendation yesterday at 1 p.m.. Today's stock and Bond movement could be the same as yesterdays. Stocks started poorly yesterday, only to recound and close 500 points better (a 800 point swing!). Decades worse readings on Retail Sales, and profit revisions downward by retailers every single day, still didn't dampen consumer's as much as would be expected, as a better than expected Consumer Confidence report was released today. For now, I am watching Bond Prices closely, currently just below the 200 day moving average, and will alert you if there is a change in direction.