Author Archive
Jul
Market Snapshot
More selling early this morning; the 10 yr at 8:00 was down 11/32 at 3.38%, mortgages were -6/32. At 8:30 with two economic releases the 10 yr was off 23/32 and mortgages -13/32. At 9:00 the 10 yr traded -17/32 at 3.42% +6 BP and mortgage prices -8/32, the DJIA index up 20 points. At [...]
Jul
Market Snapshot
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Jul
Market Snapshot
Weekly jobless claims was the trigger this morning after the overdone rally yesterday; claims plunged by 52K to 565K, expectations were for a 4K decline. Continuing claims however continued to increase to a new high, 6.833 mil from 6.72 mil last week. The fall in claims to under 600K is the lowest since January; [...]
Jul
Market Snapshot
Treasuries and mortgages opened better this morning following the technical break of key resistance levels yesterday. At 9:00 this morning the 10 yr note +6/32 at 3.44% and mortgage prices up 4/32. Yesterday the stock indexes took a big hit supporting the bond and mortgage markets. At 9:00 this morning stock indexes were lower again. [...]
Jul
Market Snapshot
At 10:00 the bond and mortgage markets are unchanged from yesterday’s closes. The DJIA -40. There are no economic reports today; the main driver for the bond market will rest with the $35b 3 yr note auction at 1:00. We expect the auction to be well bid, investors are moving to the lower end [...]
Jul
Market Snapshot
Not much in the way of economic data this week; the equity markets are still absorbing that the economy may not be on the recovery path that had been mapped recently. The June employment report sent many analysts back to the drawing boards to re-assess their more rosy outlooks. Non-farm job losses were over [...]
Jul
Market Snapshot
8:30 data sent stock indexes lower and some improvement in the rate markets; at 8:40 the 10 yr note traded +9/32 and mortgages +4/32. The DJIA futures was down 117 points. At 9:00 the 10 yr +8/32 at 3.52%, mortgage prices +6/32; the DJIA futures index -115. At 9:30 the DJIA opened -93, the 10 [...]
Jun
Market Snapshot
Mortgage prices started weaker this morning; at 9:00 eastern -.34 bps. The 10 yr treasury note yield at 9:00 up 7 BP to 3.54%, down 0.53 bps, as it failed to hold at its resistance level at 3.50% The Johnson Redbook chain store sales were down 4.3% yr/yr but fractionally better than -4.4% yr/yr [...]
Jun
Market Snapshot – UPDATE
This weeks economic calendar is compacted into three days instead of the usual five, with no reports due out on Monday and with the markets being closed on Friday ahead of the 4th of July weekend. Tuesday information on chain sores sales from ICSC-Goldman & Redbook, the S&P Case-Shiller Home Price Index (HPI), Chicago Purchasing [...]
Jun
Market Snapshot
Mortgage backed securities (MBS) prices continue to trade higher (rates lower) as signs emerged that foreign buyers are scooping up record amounts of U.S. debt speculating the economy’s recovery may be slow; FNMA 5.0% coupon 101.89bps, +6bps & FNMA 4.5% coupon 99.83bps, +6bps. MBS rallied last week as indirect bidders purchased 67% of the record [...]