Closing levels on FNMA 4.5% securities are back to opening levels. The grind higher has created a good, not great bullish signal on daily 10 year note charts. The same chart however lacks bullish trend reading. Kind of like all dressed up with no place to go. We have held the critical 8 day moving average support level as each dip below has been met with steady buying. As I mentioned earlier, we really needed to close at 3.71% or lower. Not to be as day end closing levels post a yield of 3.74%. We do like ADX (directional signal) which is neutral and slow stochastics which are bullish. We also like the fact that the auctions are out of the way and reception was above average. Adding it all up, we’re feeling a little like “What about Bob”, baby steps with a steady to bullish bias!