Just a heads up as stock traders have put a positive spin on the Euro Bank stress tests.  Currently, the Dow is 90 points with financial equities having a pretty good day.  Notes and mortgage backs are taking a little heat with the 10 year off 15/32’s (yield 2.98%) and mortgage backs off 5/32’s.  A worsening Austin mortgage price change is close but not in order at the moment.  It is something to pay attention to, however.  Technically, the selling in all sectors (all time frames of the yield curve) has been noticed but not significant enough to eliminate bullish readings on the daily chart.  As I mentioned in an earlier Market Update, we see this as more of a consolidation trade than a new trend change.  It could however, cost you if you’re not careful.  Put your defense on the field, Austin mortgage borrowers!