Florida Mortgage Daily – Morning Update

by Florida's #1 Mortgage Planner on March 5, 2008

Locking Stance:  CAUTIOUSLY FLOATING     Mortgage Bonds:  +6bp

Mortgage bonds are relatively flat right now, only up 6bp, but for now the downside risks seem limited.  Here’s why…

This morning saw the release of the ADP Employment report and it showed the private sector shed about 23,000 jobs.  While we do not put  alot of emphasis on this report, it does tend to show a relative gauge on what the Jobs Jamboree will be like and this one appears to be looking at a disappointment.

Coming up at 10am will be the release of the ISM Services Index, which may get things rolling a bit.  Additionally, the Beige Book comes out at 2pm this afternoon.

Technically speaking, bonds are in the middle ground on the stochastics and lay a little below their 100-day MA.  The 100-day MA may pull bonds up, maintaining itself as a support layer.  If it fails to do so, it will again become resistance.

Leave a Comment

Previous post:

Next post: