Market Update

Bonds are being pressured lower this morning on the heels of a higher stock market, led by strength in Countrywide and Microsoft.Technically, Mortgage Bonds are showing signs of topping out at long-term resistance--after reaching a level of previous market peaks over the past couple of days.However, I would like to be patient and recommend floating until the Fed Meeting next Wednesday. Should Bonds start to drift lower, I will switch to a locking stance.