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CLOSING TECHNICAL SIGNAL & MARKET WRAP

The Bond Market Wrap Report by Christian Penner Mortgage Banker West Palm Beach

CLOSING TECHNICAL SIGNAL: The sideways pattern is still intact as support held again today.

MARKET WRAP: The Bond markets spent most of the session in positive territory but by the end of the session the gains were moderate as Stock markets rallied near the close of trading. Early in the session Bonds fell after some decent economic numbers from weekly claims, as they fell below the psychological level of 400K and GDP was a bit higher than expected. The 3.5% coupon wound up gaining 9bp to end at 102.38 while the price of the 10 year T Note fell slightly despite solid auction results. Stocks rode the roller coaster trading well into positive territory this morning, then falling into thered but closed with solid gains. The Dow gained 143.08 to 11,153.98, the tech heavy Nasdaq lost 10.82 to end at 2,480.76 and the S&P 500 Index rose 9.34 to 1,160.40. Gold finished at $1,617.30/oz. down 80 cents while oil settled at $82.14/barrel up 93 cents. Tomorrow's economic data includes Core PCE (inflation gauge), Chicago PMI and Consumer Sentiment.