Key Economic News:
A light day, with only the ISM nonmanufacturing index this morning and the weekly confidence survey later in the aternoon.
10:00: ISM nonmfg index for Sept…consolidation? This index has been a bit quicker than its manufacturing cousin to show a slowing in growth, having dropped nearly 3 points in August. The employment index slipped back into contraction territory last month.
Median forecast (of 75): 52, ranging from 50 to 53.3; last 51.5.
17:00: ABC consumer comfort index…it edged up one point last week to -45.
Advice:
With the ISM nonmfg index not expected to show much change this morning. I expect the market to stay in a close trading range above the 103.000 price.
Float short term, float long term.
My position on MBS stays neutral today
Carlos Figueira - Keypoint Mortgage 