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fixed income

Really, the market is marking time, ready to grab a turkey leg and a cold one

From the technical picture, the chart is content to hang out near the highs (low yield mark) but cannot take it out. The downside (selling) has been limited as well with the regression line since October supporting the market as well as the 8 and 21 day moving averages. We call this a goldilocks market, not to hot, not to cold, but just right. Really, the market is marking time, ready to grab a turkey leg and a cold one.

In a nut shell, what we have here is too much money chasing too few assets that are worth owning

Weak dollar, higher oil, new high in gold, stocks near unchanged, and bonds doing a little better. We’re feeling a bit like Bill Murray in “Groundhog Day”. Same trade just a new day. One memorable line from the movie; (Phil) Do you know what today is? (Rita) No, what? (Phil) Today is tomorrow. It happened. In a nut shell, what we have here is too much money chasing too few assets that are worth owning. Throw in a mixed bag of economic data and a seasonal supportive 4th quarter (for fixed income), it’s hard to see much of a change in Austin mortgage rates into year end.