S & P TO 1500?

Mortgage bond prices opened slightly weaker this morning erasing some of the small positive gains seen at the close yeaterday. News out of the euro zone was positive overnight which reverses some of the flight to quality buying of US debt that helped rates yesterday.

A German consumer sentiment index was higher than expected. There are fears that the euro debt crisis will eventually boil over into the German economy. So far higher wages and increased spending from consumers shows the German economy remains fundamentally positive. How long Germany can hold strong amid all the turmoil surrounding it is debated.

We have consumer confidence data @ 10am et.