Sometimes less is more

Sometimes less is more.png

So in the absence of domestic data we break the range.  Go figure.  The 8:00 open continues the overnight strength, 8:20 has held on.  The 10 year indicating a 2.36 open.  After resisting a break of 2.38 several times yesterday it looks like good beat out evil, at least for now.  As I’ve mentioned we’re around a pretty big pivot here.  Cue chart for your viewing pleasure.

less-is-more

As we’ve discussed Feb has been a pretty bond friendly month and so far 2017 is no exception.  But with the 2015 10 year closing level of 2.35 looming, we’re faced with the decision to float on a major break or lock at the bottom end of the current range.  You know how I feel about those sort of decisions.

On a somewhat related note, if you need further proof that less is more, rates were down last week, so apps were up according to the MBA. 

On an altogether unrelated note, I haven’t followed through with my New Year’s resolution of trimming down, so on the other hand maybe more is less.

For those who like hashtags:  #lowerforlonger #lessismore #newyeargoals #goodbeatsevil #moreisprobablynotless

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