MONDAY!!!

Short holiday week...puts the markets in a position to "check out early" on Wednesday or Thursday. Markets will be closed on Friday.

Today's news reported the 150 year sentence for Bernie Madoff...so we will be paying for his existence until he passes away or otherwise gets out of jail.

FNMA 4.5% was UP 28 bps...and rates are steady in the 5.125% range for the 30 year fixed notes.

Investors are waiting for 2nd quarter earnings to be reported to decide how to appropriate funds in their portfolios.

Oil was up 2 bucks to $71-ish/barrel as China released notes that they were going to increase it's "strategic holdings"... Nobody really seemed to notice it but that is really another way of saying: WHOA! We need more investments that are protected against "inflation" in the US economy. REMEMBER when the US dollar is devalued: they are deeply affected as they own nearly 3/4 TRILLION dollars worth of our notes. 3/4 trillion doesn't quite "go as far" with rampant "inflation". Note: Devalued US dollar and inflation are the same thing. When it takes "more" US dollars to buy the same goods...

Have a great eve!

Chad