Mortgage Bonds are trading lower this morning after enjoying a nice three-day rally higher. This comes on the heels of big news from overseas in which both the Bank of England and the European Central Bank cut their benchmark interest rates. The good news is that these cuts should have a positive effect on the US Dollar and on Oil prices.
Tomorrow, the Labor Department releases its Jobs Report for October, and the markets are already expecting a lousy report. Since Bonds are trading above a dual level of support and given the recent upswing, I recommend floating into tomorrow’s Jobs Report. I will let you know if anything changes
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