Mortgage Bonds are higher this morning after Retail Sales numbers fell for the fourth straight month and plunged to their worst level since record keeping began in 1992. This is important information because it indicates a bad outlook for the retail industry overall and comes as we head into what looks to be the worst holiday shopping season in a long, long time.
In other news, Fed Chairman Ben Bernanke spoke in Germany today, indicating that central bankers worldwide are prepared to take additional actions to unfreeze global credit markets.
Earlier this morning, Bonds opened above the 200-Day Moving Average, but have since dipped back below this important level. For now, I recommend floating as we watch to see how Bonds react to the market news. However, if the situation changes, I will keep you posted.
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