"Mortgage Bonds opened sharply lower, but have recovered from their worst levels. Yesterday, a wild sell-off in Bonds was sparked by good economic news from China, speculation that the European Central Bank would consider more Quantitative Easing of their own to aid their troubled member countries and better than expected ADP numbers.
This morning, Initial Jobless Claims were reported higher than expected but the closely watched 4-week moving average moved to a low not seen since August of 2008. This is an encouraging sign and tells us that the labor market is getting better.
I feel that tomorrow's government jobs report will come in at or better than expectations, so at this time I am recommending a Locking bias."
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