Tuesday, March 11, 2014 - Article by: Joe Shamie - First Choice Loan Services -
Tuesday - March 11, 10:00am ET
Current Trend Direction: Sideways to lower, near triple layer of support
Float/Lock Bias: Carefully floating
Current Price of FNMA 4.0% Bond: $104.28, Unchanged
Like yesterday, Mortgage Bonds are trading in a tight price range with no major economic reports or geopolitical headlines to influence activity.
The only hurdle for the Bond markets today will be the 1pm ET auction results from the $30B 3-Year Treasury auction, part of the $64B being offered this week. As always - the action in the Stock markets could dictate how Bonds trade during the session - S&P futures are slightly higher.
Technically, the 4% coupon is resting just above the Triple layer of support provided by the 50, 100 and 200-day Moving Averages. As long as the Bond can remain above support, we will continue to carefully float. Advise your clients to do the same.
Joe Shamie NMLS # 241432
First Choice Loan Services NMLS # 210764
First Choice Bank NMLS# 177877
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