Next few days could be high volatility, market moving affairs with the mid-term elections, FOMC meeting, and a boat load economic data culminating with the Employment Report on Friday

Just a quick note this morning as markets are on the move.  Earlier today, Consumer Spending hit the skids, posting a gain of only .2%.  Personal Income fell .1% as well.  This release initially gave our market a lift with the 10 year note up 10/32’s and mortgage backs up 2 to 4/32’s.  The Dow was also on fire, up nearly 100 points within minutes of the open.  Since then, both stocks and fixed income have taken a dip.  Stocks have cut their gains in half on the Big Board and the 10 year note is now down on the day.

Mortgage backs have slipped into the red. As I mentioned last week, the next few days could be high volatility, market moving affairs with the mid-term elections, FOMC meeting, and a boat load economic data culminating with the Employment Report on Friday.

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