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The condition number is a well known indicator of the spatial selectivity of a MIMO wireless channel. The objective of this paper is to examine the temporal behavior of this metric using a Markov model construction. Specifically, we have developed two methods to calculate analytically the transition probabilities between Markov states. These methods involve the joint density for the channel eigenvalues at two adjacent time instances and the level crossing rates (LCR) of the condition number. We then use our Markov model to investigate the behavior of dual-mode antenna selection schemes in an i.i.d. Rayleigh fading channel.