While this morning's data releases haven't been top tier market movers, we did get a bit of a head fake toward weaker territory starting just after 9am. The weakness lasted until just after 10am, which was a bit of a paradox considering the weaker Consumer Sentiment data. That said, the 80.4 reading was still in line with the higher levels from the past 5 years.
Bonds improved during the Fed buying operation in 10yr Treasuries and have held those improvements since then. MBS and Treasuries are both holding near positive resistance levels (Fannie 4.0s at 104-01 and 10yr Treasuries at 2.832). The most bullish eventuality for 10's would be a break below 2.82.
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