As the country thaws out from the harsh winter behind us, today's Jobs Report was a bit of a surprise to some, but overall, met the expectations of the economist. The figure reported was just below the expectations, but the revisions were much higher than anticipated.

The report showed that the private sector also added 192K versus the 205K expected. The Labor Force Participation Rate ticked up to 63.2% from 63%, while the U6 number fell to 12.8 from 13.1. The U6 measures the total unemployed, plus all persons marginally attached to the labor force and total employed part time for economic reasons (underemployed), as a percent of the civilian labor force. The bad numbers of the report showed no increase in hourly earnings and an uptick in hours worked.

The markets reaction? Overall we have seen very little movement in the stock market but have seen a strong push in the Market Backed Securities erasing "some" of the loses we had this week. We have broken through our 10 day moving average and are now testing our 100 day moving average which is holding up nicely making further gains remote.

Let's hope prices can build on the momentum with the Jobs Report now behind us. My recommendation now is back to floating - but again, this market has been really fickle the past three months so I would be careful.