Market Update

Mortgage Bonds are trading slightly lower this morning, but continue to remain in a sideways range between a ceiling of resistance and a floor of support. Stocks are also trading lower on more bad news from Citibank. If stocks move lower still, mortgage bonds may benefit. In other news, this week's economic calendar takes a well-deserved rest with mostly low- to mid-level reports scheduled for release. For today, I recommend cautiously floating, while I see how stocks perform.