Market Update

The big news of the morning - Goldman Sachs downgraded Citigroup to a "Sell" from a "Hold", saying that Citi could have to write off an additional $4 Billion due to sub-prime mortgage related losses. This announcement has applied pressure on Stocks, which in turn has boosted the Bond Market slightly higher. Technically, Bond prices continue to ride the "Up Escalator", and are supported by both the 25 and 50-day Moving Averages. I will continue to recommend Floating as long as Bonds remain above this floor.