Market Update

Volatility has calmed down through the lunch hour. There has been a new story hitting the street now regarding AEGIS Mortgage Company. Speculation ranging all the way from they are going bankrupt to just cutting back on accepting new loan applications.

That news has the mortgage names in a pullback mode again.

I would not be surprised to see a run up in the volatility by the end of the day as everyone either places their chips or picks them up ahead of the FOMC meeting tomorrow. We are likely to see profit taking before the close so as not to risk having money in the market when the news comes out tomorrow.