Our bias will lean towards a range trade with follow through in either direction (better or worsening mortgage pricing) doubtful

Stocks had a great day, breaking a four day S & P losing streak.  The Dow finished up 199 points and the Naz gained nearly 38 points on the day.  Given the stock market trade, any gains in mortgage pricing will be more difficult to come by.  That said, the market profile neutralized yesterday’s bullish structure but did not turn it negative.  The extreme low (yield of 3.52% –  going into the close at 3.49%) held with fast money buyers taking it off the lows, not to be revisited into the close.  Downside trading was mixed but we did close above the session mode, a net positive.  Into the end of the week/month, our bias will lean towards a range trade with follow through in either direction (better or worsening mortgage pricing) doubtful.

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