Settlement...

Yesterday at close our market settled and the July coupon closed out and we rolled into the August coupon. As expected this brought our market down, which is evidenced by the fall at the close yesterday.

Despite this, pricing this morning is still very favorable, and slightly better than yesterday's close. Even so, we are currently down two ticks in secondary which is not a good sign for future rate sheets. This sell off is due to a stock market rally, which I don't see dissipating today. Best we can hope for today is strong support at our current trading level. This would reinforce current pricing and encourage investors to buy leading to a rally. Wishful thinking, but completely plausible.

We are down off highs... the doomsdayers may see this as an opportunity, and believe me there are still plenty of people out there questioning the overall health of our economy.