Earlier today, the February Trade Deficit grew to 39.7 billion

Earlier today, the February Trade Deficit grew to 39.7 billion. Economists were looking for the number to come in closer to 38.5 billion. The jump was concentrated in the goods deficit rising 1.9 billion. March Import Prices were also released, up .7%. 80% of the rise can be traced to a 2.9% increase in fuel prices. Been to the pump lately? Fixed income prices were strong in early trading as “forced buying” in both the 5 year and 10 year notes took place as the top of the range was breached.

After going negative, the market has started to boot strap itself back up. From the technical side, trading above the range highs is encouraging but is viewed as “cautiously optimistic”. With Ben Bernanke due on the hill tomorrow and most of the low volume trade directed by fast money types and day traders, the market may need time to prove itself. Stocks are up a hand full, mortgage backs up 2/32’s, and the 10 year note is trading at 3.81%, all positive elements. At least for today. We’ll call the market neutral/bullish yet still feeling the need to keep both hands on the wheel.

About Max Leaman Austin Mortgage

GREAT RATES, LOW FEES, CLOSE ON TIME™ ---- 2012 Ranked #1 Austin Residential Mortgage Lender (Austin Business Journal) 2010, 2011 & 2012 Five Star Professional (Texas Monthly) 2009, 2010, 2011, 2012, 2013 PrimeLending Chairman's Circle Award 2009, 2010, 2011, 2012 Scotsman Guide Top Originator (Top 200 Mortgage Professionals in U.S.A.) Better Business Bureau "A+ Rating" National Lender Rankings (Scotsman Guide): Top Purchase Volume (No. 10) Most Loans Closed (No. 32) Top Dollar Volume (No. 88)

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