Mortgage Bonds start the week somewhat unchanged and continue their sideways trading pattern.
Existing Home Sales surprisingly came in a bit better than expected. Perhaps the current low interest rate environment - combined with firesale prices on many homes - is helping more homebuyers make their purchasing decisions.
The employment environment continues to be shaky. Home Depot announced a cut of 7000 jobs, Caterpillar announced they will be laying off 20,000 and Sprint is cutting 8,000 employees.
For today, I will recommend a floating stance, but in this wacky market anything can happen. I will let you know if anything changes.
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