Market Comment

Mortgage Bonds got a nice boost this morning from weakness in Stocks as well as low inflation data when the Consumer Price Index came in below expectations.

Also in today's news, the Empire State Manufacturing Index was reported above estimates, indicating manufacturing expansion in the state and parts of New Jersey and Connecticut.
For now, I recommend floating as prices challenge resistance at the 200-Day Moving Average. I will let you know if a change of course is needed. The markets will be closed Monday in observance of the Martin Luther King Holiday, so my next update will be Tuesday, January 19th.

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