Bonds are battling resistance overhead as the stock market stumbles slightly this morning. Adding to the softness in Stocks, Best Buy has lowered their earnings on the heels of Circuit City's Chapter 11 Bankruptcy yesterday.
A Treasury Auction this afternoon of $20B in 10 year notes will determine the direction of Bonds over the next 2 weeks. If the the Auction is received poorly, it could put pressure on Bond prices, and with the levels of support just below where we are now, there is a huge drop below those levels and I would change my Float recommendation to Lock. I will keep you posted.
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