The fickleness of the markets was evident again yesterday as we saw stock rally early in the day with Treasuries in sell mode. Mid-day S&P announced they were putting 15 European countries on negative credit watch, which caused an immediate deterioration in stocks and a move higher in bond prices. After reaching a yield of 2.11% Monday, the 10 year note is trading at 2.06% this morning.
There is no U.S. economic data this morning and mortgage prices have improved by approximately .125%.
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