Market Comment

Mortgage Bonds are starting the day a bit lower after a strong day yesterday. There are no economic reports due today, but things could heat up with the Treasury auction this afternoon.
In the news, the CEOs of Goldman Sachs, Bank of America, Morgan Stanley and JP Morgan are on Capitol Hill testifying as to how the financial crisis happened. These companies have recently posted enormous profits, so it will be interesting to see how the Senate questioning goes.
After nice gains yesterday, Mortgage Bonds are nearing resistance at both the 25- and 200-Day Moving Averages. I recommend locking for now.

Leonard Winslow, New American Mortgage, Charlottesville
434-760-2580 (cell)
leonard.winslow@newamerican.com
www.newamerican.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112