Stock prices plunged yesterday, sending the Dow to levels not seen since 1997. Mortgage Bonds, however, were unable to gain much, as tough overhead resistance and the enormous supply of Bonds kept a cap on prices.
In the news today, Consumer Confidence fell to its lowest reading since records began in 1967. The sour report indicates that the fear of losing one’s job has made the consumer more reluctant to spend.
Currently, Stocks appear ready to bounce higher. This would be a positive development for Stocks, but may come at the expense of Mortgage Bonds.
“Your Partner In Success!”
Tony Frerking
Sr. Mortgage Consultant
PMZ Home Loans
1600 N. Carpenter Rd. Ste. C
Modesto, CA 95351
Direct: (209) 404-2200
Fax: (209) 254-7142
