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Thursday, August 14, 2008
Bonds are favorable this morning after a worse than expected Consumer Price Index (worst inflation this year since 1991) and Initial Jobs Claims report which is showing continued weakness in the economy. For now, it is prudent to float and watch to see how Bonds perform underneath the 3 levels of resistance overhead. The markets are very volatile this past week and I will keep you posted on any changes in advice that may occur.
Wednesday, August 13, 2008
The Current Trend Direction this morning is sideways after weak economic reports by John Deere and Macey's. Stocks have taken a slight downturn which has helped Mortgage Bonds hold onto their gains from yesterday. Technically, Bond price is currently at 99.94, above support of 99.09 and below a tough ceiling overhead at the 25 days moving average of 100.11 and the 50 Day MA at 100.30. For now we can float, but I will watch closely for movement since Bonds are trading within a wide range right now. I just received a rate lock alert after the market lagged this morning and early this afternoon. With the higher inflation report I now recommend locking. 12:40 p.m.
Monday, August 11, 2008
Mortgage Bonds are trading lower this morning and should be taking their cue from stocks, which will be watching crude oil very closely. The lower oil prices should help ease inflation, as the Fed has recently mentioned, but oil flow has stopped in Georgia because of the Russian bombardment of the country and it unknown how or when the situation there will end. With Bond prices moving lower this morning, and on the technical side, a tough layer of resistance overhead, I recommend locking. As always, I will watch the situation closely and keep you posted of any changes in the market.