Treasuries are making new lows (high yield) with the latest round of trader selling linked to stop losses.  This happens when a sell order is put below the market to protect against further loss in positions that a traders/investor owns.  Current levels are back to last week’s range, wiping out all of this week’s rally.

Real money and hedge funds have stepped aside, allowing the market to trade one way.  With that element of support taken away and stocks continuing to shrug off the Intel news (negative on Q4 revenue), we (our Austin mortgage rates/pricing) are caught in a nasty crossfire.  For today, when stocks go tick, bonds go tock.  Dangerous price action so be careful Austin mortgage borrowers!  As we speak, the 10 year note is off 40/32’s and 30 year bond down nearly 3 points.