Mortgage Bonds are trading sideways in a wide range between support and resistance. There is a large $28 Billion 3-year Note auction this afternoon, which could pressure the Bond market due to added supply.
Stocks are rising today on word that Congress will approve a $15 Billon bailout to keep the Detroit 3 auto makers from seeking bankruptcy protection. Also helping Stocks are shares of energy companies, which are getting a lift from higher oil prices this week. Oil, now at $44.50 a barrel, has risen almost $4 a barrel since Friday's close.
There are no economic reports due for release today but the market remains very volatile and while this could change with the current action, for the time being I recommend you float.
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