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Interest rates continue to increase this morning;the 10 yr note yield at 2.22% at 9:00 and in our opinion is headed to support at 2.30%. Technically the rate markets have broken down and are now bearish; a double bottom on the 10 yield chart, breaking above its 20 and 40 day averages, and the momentum oscillators now bearish. The MBS market also bearish but holding a little better than treasuries as safety trades are lifted with increased optimism that Europe will actually come up with a plan that will keep Greece from defaulting for the moment.

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