Good Monday AM,

Not much going on today. Equities are fading a bit so bonds are improving. Still, the money flowing out of bonds and into stocks is unprecedented and may continue for a while, which will hurt rates and bring the 10-yr over 1%. Psychologically, a bad thing. Today the 10-yr is at .93%, mortgage bonds are slightly improved. Despite today being an up day, stay defensive, bonds are in a bearish mode.

One thing to note, U.S. Health and Human Services chief Alex Azar said that all Americans who want one will be able to get a vaccine by the second quarter of next year, with the Food and Drug Administration meeting on whether to grant emergency authorization of a shot developed by Pfizer Inc. and BioNTech.

Please remain safe and healthy, make today great.