Mortgage Bonds are trying to bounce higher this morning, but prices will have to contend with a strong ceiling of resistance at the 200-day Moving Average, just above present levels.
Wachovia Corp.’s CEO, Kennedy Thompson, was removed by the Board of Directors effective immediately, after sub-prime losses cost the lender more than half of its stock value in the past year. Bank stocks in the U.K. are selling off as lender Bradford & Bingley issued a profit warning. As a result of this morning’s news, financial stocks are leading the stock market lower and giving a slight boost to Mortgage Bonds.
