Market Update

Today is Tuesday June 18, 2013

"Financial turmoil in the tiny little island of Cyprus has investors shifting back into the safe haven trade of global Bond markets today feeling that it could lead other small Euro nations across the region. US Stocks are trading lower on the news and giving a bounce to Mortgage Bonds this morning.

There are no economic reports due for release today. The big standout this week will be the two-day Fed Meeting that begins tomorrow and ends with the monetary policy statement being released at 2:00pm ET on Wednesday. There is no chance of a hike in interest rates but the Fed's rhetoric on the current stimulus programs will be closely scrutinized.

I will continue to recommend a Carefully Floating bias, but as always, sentiment can quickly reverse. If there are any changes, I will get back to you."