Market Comment

Mortgage Bonds are attempting to stabilize today but sentiment may quickly change when the Treasury announces the auction results of today’s $42 billion in 5 year T Notes at 1:00pm ET. Stocks have started higher this morning, and are attempting to push their winning streak to a seventh straight day.
The Case Shiller Home Price Index showed that national home prices are still 7.3% lower overall from last year and were unchanged in October, after four consecutive monthly gains.
For now, I will recommend a Cautiously Floating stance, as Bonds try to stabilize at these deeply depressed prices. If anything changes, I will get back to you.

Leonard Winslow, New American Mortgage, Charlottesville
434-760-2580 (cell)
leonard.winslow@newamerican.com
www.newamerican.com/leonard.winslow
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