Market commentary

Treasuries sold off again on Wednesday, and are lower again today, mostly due to the absence of the flight to quality. The non-manufacturing ISM report was better than expected and there were no new reports of financial distress out of Europe. Today we see a similar pattern. Weekly jobless claims rose slightly; once again above the 400,000 market, and news from Europe tells us the EU is moving to shore up the capital of ailing banks. So now bad news equals no flight to quality bid.

The yield on the 10 year note has pushed higher to 1.955% and mortgage bonds are worse in price by approximately .25%.

We end today’s commentary with a quote from Steve Jobs 2005 Commencement Address at Stanford University – "Your time is limited, so don"t waste it living someone else"s life. Don’t be trapped by dogma - which is living with the results of other people's thinking. Don't let the noise of other's opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.”