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Market Snapshot June 28, 2021

Good Monday AM,

Bonds are strong this morning and for no good reason. We did test the bottom of the range this morning and it held up as it has so many times before. When traders can trust that support will hold, they become more confident buying the bottom. Mortgage Bonds have now brushed off the effects of the FED meeting. I would love to see Mortgage Bonds close above current levels because this would put us above 25-, 50- and 100-day moving averages. We will likely test the next line in the sand at some point this week but I do not think we will see a break above this until after the non-farm private payroll numbers on Friday. I would float for now but be prepared to lock if the markets start to sell off.

Please remain safe and healthy, make today great!