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Market Commentary

The chatter this morning, with no data save the MBA mortgage applications (light at -8.4%), is watching the technical support at 4.80 on the US 10yr treasury bond hold.  Bonds bounced off it yesterday and are now trading slightly higher.  It helps to have some soft housing numbers to fuel that bounce.  This begs the question of tomorrow's Existing home sales and Friday's New home sales numbers, which will be closely watched.  We have seen some life in the housing numbers recently, which has led some to predict we are at the bottom.  Others, however, are saying this is the second stage of a double waterfall.  Being a regional phenomenon, I would suspect there might be a bit of truth to both scenarios, but the numbers will be watched closely as a monitor of consumer health.


                CAD$ is seeing a little bit of strength based on a big jump in gold yesterday (although it is off today) and some life in the energy markets.  In the grander scheme, however, it's still very weak and hovering just 85c US.


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