Mel's Blog

Mortgage Bonds are trading slightly higher as prices linger just beneath a ceiling of resistance at both the 50 and 100-day Moving Averages.

At 10am ET, the Institute of Supply Management (ISM) Index will be released and unless it is reported wildly out of range, it shouldn't have a big impact on prices.

Fed Chairman Ben Bernanke will be speaking at 11:00am ET on the topic of "Embracing the Challenge of Free Trade: Competing and Prospering in a Global Economy".  We don't expect any surprising words from this speech, but should Big Ben get into a discussion on the recent inflationary data or economic conditions, you can bet Traders will be listening for something to trade on, especially on a slow news day like today.