Mortgage Bonds had a nice rally yesterday afternoon and continue to test resistance at the previous price highs for 2008. Stocks, meanwhile, are facing some uncertainty as opposition in the Senate threatens to delay or kill the emergency loan legislation for GM and Chrysler that was approved by the House last night.
In other news, Initial Jobless Claims reached their highest level in 26 years. The data shows that businesses are laying off workers at a rapid pace, as the current recession drags on.
Currently, Mortgage Bond prices are at an important crossroads as they attempt to improve further. I recommend floating for now, but things can change quickly so be ready if we need to reverse course.
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