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CLOSING TECHNICAL SIGNAL: Things change quick.. MBS closed poorly and well off the best levels of the day. Now we are watching the 25-day MA as a floor to protect against further losses.

MARKET WRAP: The Bond markets started the day to the upside but as the trading day progressed investors sold to cash in some chips after the big gains that have occurred during the month of August. That coupled with better than expected economic data pushed Bonds lower. The 3.5% coupon fell 34bp to end at 100.59. Stocks closed the month out to the upside though losses were steep in August. The Dow gained 53.58 to 11,613.53, the S&P 500 rose 5.97 to 1,218.89 while the Nasdaq was up 3.35 to 2,579.46. Oil settled at $88.81/barrel nearly unchanged on the session but off 7.2% for the month. Tomorrow's data includes the ISM Index, Weekly Claims and Productivity.