U.S. Stocks posted modest gains in a shortened trading session today, ending a very positive week.  A quick look at long term charts on the major averages suggests that this rally probably has some legs.  The underlying tone has certainly improved in no small part to the mortgage bailout plan put forth by the Fed and Treasury on Tuesday.  I noted that yields on 10 Year Treasury Notes settled at about 2.92% today.  Average 30 year mortgage rates are now below 5.5%, and threatening the record low of 5.25% seen in 2002-2003.  This no doubt will have some positive impact on the real estate market.  The scope of that impact is obviously unknown, but it will definitely be positive. 

Look for more commentary later in the weekend!

Scott Cole