Mortgage Bonds are unchanged

Mortgage Bonds are unchanged after being pressured lower yesterday. Bond Traders took some of their recent profits following an uneventful speech by Federal Reserve Chairman Ben Bernanke, as he did not give any hints about a rate cut.
Also weighing on bond prices yesterday was a strong showing in the stock market. In sessions when there has been an absence of market-moving economic news, as has happened recently, Stocks and Bonds have traded in opposite directions. Yesterday Stocks bounced back to the upside and Bonds were sold. With no major economic news to grace the airwaves again today, we could see Bond prices once again engage in a little tug of war with Stocks.
Bonds remain overbought and appear poised to follow the path of least resistance lower. However, should Stocks stumble in this lean news environment, any selling of Bonds could be tempered.

Mortgage Bond are flat

"Mortgage Bonds are flat after yesterday's rally, but now Traders are looking ahead to tomorrow's important Jobs Report.
Current estimates are for 110,000 new jobs created; however, if the number is much worse than expected, we will probably see bonds improve. But any rally may be tempered, since many Traders may already be factoring in a miss.
If the number comes in stronger than expected--which I don't think will happen, but if it does--Bonds will drop sharply, causing home loan rates to rise.
I feel the prudent play is to be conservative and Lock ahead of the Jobs Report."