Friday, March 22, 2019

Daily Market Report 3/22/19

http://MikesDailyMarketReport.com: Markit Manufacturing flash PMI dipped from 53 to 52.5 in March.  It's counter-part, Markit Services flash PMI also dipped from 56 to 54.8 in March.  Existing Home Sales had a nice boost in February, as it jumped up to 5.51 million annualized units, compared to 4.93 million annualized units in January.  Wholesale Inventories rose 1.2% in January.  Stocks are in Negative Territory on poor economic data out of Europe, as it reminds Investors that the economy is slowing.  Also, President Trump was interviewed this morning on one of the news channels and reiterated that an Agreement is close with China and may continue to keep Tariffs in place for an extended period, even after Agreement is reached to ensure compliance by China.  MBS is currently Up 20bps, which Mortgage Rates improve.  Yields have slid down to 2.45%.

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Thursday, March 21, 2019

Daily Market Report 3/21/19

http://MikesDailyMarketReport.com: Weekly Jobless Claims rebounded a bit from last week's numbers, going from 230k to 221k.  Obviously, this is data we're watching to see if it continues to rise, as it will indicate a recession in the near future.  Manufacturing in the Philadelphia region rebounded quite nicely in March, as it came back from -4.1 to +13.7.  Also, Leading Indicators picked up 0.2% in February, which indicates economy improving.  Stocks are Up on the Fed's very dovish announcement yesterday, as they indicated there will not be any rate hikes in 2019 and the Balance Sheet reduction will end in September.  Also, they see the economy slowing, as well as, inflation.  President Trump tweeted that he may keep the Tariffs in place even after an Agreement has been made with China.  This might be fuel to the fire with negotiations.  It was reported that more meetings have been scheduled between the Upper level Negotiators in the coming weeks.  MBS is Unchanged after yesterday's Rally, which led Lenders to re-price during the day for better Mortgage Rates.  Yields have really slipped.  It was reported earlier this week that Yields were as high as 2.62%, which they're now at 2.52%.

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Wednesday, March 20, 2019

Daily Market Report 3/20/19

http://MikesDailyMarketReport.com: The Fed wraps up their 2 day meeting today, as Fed Chair Jerome Powell will give his announcement around 11:15 am PST.  Today's announement is expected to go similar to it's previous announcement; and Investors will seek clues on the Fed's forecasts and Balance Sheet unwind.  Stocks are Down this morning ahead of this announcement.  The US and China Trade Talks continue, as there was a report that China was pushing back on some of the US Demands.  We're at the nitty gritty aspects of the final details, so these objections will be commonplace at this stage of negotiations.  It's just a matter of time when they both have a final agreement.  MBS is Up 8bps, but not enough to make any changes with the Mortgage Rates, as they remain Unchanged.  Yields have slipped a little to 2.60%.

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Tuesday, March 19, 2019

Daily Market Report 3/19/19

http://MikesDailyMarketReport.com: Factory Orders were up only 0.1% in January, off from it's forecast of 0.4%, and stronger hints of a slowing economy.  Stocks are Up this morning, as the Fed begins it's 2 day meeting today.  Tomorrow, Fed Chair Powell will give his announcement.  It's expected to be very similar to January's announcement.  MBS is Unchanged from yesterday, so Mortgage Rates are also Unchanged.  Yields have risen a little bit to 2.62% now.

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Monday, March 18, 2019

Daily Market Report 3/18/19

http://MikesDailyMarketReport.com: Home Builders Index, which gauges the confidence level with Home Builders, remained Unchanged from previous month in March.  Stocks are trading in Positive Territory this morning, as Investors keep an eye on the Main Headlines over the past week: Federal Authorities investigating the Boeing 737 Max planes; reports have US/China Summit possibly being bumped to June now; and the FOMC will begin it's 2 day meeting tomorrow, as Fed Chief Powell gives his announcement on Wednesday.  MBS is currently down 3bps, so Mortgage Rate remain Unchanged from Friday's pricing.  Yields have climbed Up to 2.60%.

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Friday, March 15, 2019

Daily Market Report 3/15/19

http://MikesDailyMarketReport.com: Manufacturing seems to be weakening, as we have 3 data points to view today.  Starting with the Empire State Index (Manufacturing in the NY region) dropped from 8.8 to 3.7 in March, as most forecasts had it rising to approximately 10.  Industrial Production rose only 0.1% in February, as most forecasts called for 0.4% increase.  The Capacity Utilization dropped from 78.3% to 78.2% in February.  Again, forecasts called for a higher number (78.5%).  However, some better news, is Job Openings increased in January from 7.5 million to 7.6 million.  Also, Consumer Sentiment rose from 93.8 to 97.8 in March.  Stocks are trading in Mixed Territory (DOW is lone index in Negative Territory) based on Economic Data and comments from Chinese and US Officials over the Trade Talk.  MBS is Up 13bps, which will provide Mortgage Rates a little boost in pricing today.  Yields have fallen a bit this morning, as they are now down to 2.58%.

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Thursday, March 14, 2019

Daily Market Report 3/14/19

http://MikesDailyMarketReport.com:  Initial Jobless Claims rose 6k from last week's number to 229k.  New Home Sales came in at 607k annualized units for the month of January.  Stocks are in Negative Territory on Geo-Political News, as more disappointing industrial output data comes out of China.  Also, there seems to be a delay in the US/China Trade Talks, which have Investors a bit nervous.  There is another Brexit vote today, which will be upon whether they delay the exit on the 29th or continue as on without a Trade Agreement with the EU.  MBS is Unchanged from yesterday, as Mortgage Rates remain the same.  Yields have come up to 2.62%.

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