FNMA 4.5% picked up about 12 bps today and the rates are still in that 5-5.25% range. Thank goodness for the weaker than expected consumer spending and the somewhat well received t-note auction this afternoon.

The Dow is up 50 points and in the 9500 point range still.

Crude inventories show that the US has LESS oil on hand...but after yesterday's sharp decline in the dollar we gained enough back to keep the price of oil stable today.

The feds did announce that they will continue to buy mortgage backed securities after rumors last week that they were not going to purchase all they had "earmarked" to buy the securities.

Tomorrow we will get the balance of trade report among other moderate market movers. The "balance of trade" report is the one that shows how much we import vs. what we export. It has been negative since the 70's... (We IMPORT more than we export.)

Have a great eve!

Chad