Expect the market to tread water with spurts of volatility from time to time

With treasury futures trading closed for the day and one hour left to go in the cash market, the early gains have faded but are still holding a positive tone.  Mortgage backed securities, which were plus 14/32’s at one time, are trading plus 6/32’s with 55 minutes left to trade.  The 10 year note traded as low as 3.36% this morning but will probably settle near current levels of 3.40%.  The three year auction was good, give it an A-.  Stocks continued their beat down, finishing in the hole 104 points.  Gold got smoked as well, down $32.00 on the day.  As we look through the forest to find a tree, the positive technical development today was that Trend Intensity turned neutral from bearish.  Not huge you say but it’s baby steps, kinda like ‘What about Bob.”  The study remains trend ready but with both bears and bulls getting the Rolling Stones treatment (No Satisfaction), expecting any new market moving trend to develop, good or bad, is unlikely soon.  Prices now sit in the middle of the range and seem to be quite comfortable, typical of a market that can’t decide which way to go.  Daily charts give sellers and edge but that’s 51/49 at best.  Expect the market to tread water with spurts of volatility from time to time.

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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