Mortgage backed securities (MBS) closed up 19 basis points today at 104.34 having closed above the crucial resistance level offered by the 104.06 level we have spoken about in recent weeks. That left the 3.0 coupon bonds just 5 basis points below resistance at the 25 day moving average. New REIT Invesco iis raising capital to purchase MBS bonds caused a pleasant upsurge is the market despite a 71 point advance in the Dow and 5 year high for both the Dow and the S & P 500. The 30 year remained at 3.50% today.
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