Monday, January 27, 2020

Daily Market Report 1/27/20

http://MikesDailyMarketReport.com: New Homes Sales dropped in December to 694k, off from it's seasonally adjusted 697k in November.  Stocks are freefalling this morning over growing concerns of the coronavirus.  MBS is the benefactor, as it broke above it's ceiling on Friday, and is currently Up 11bps.  Mortgage Rates improved today.  Yields are also freefalling and are currently sitting around 1.61%.

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Friday, January 24, 2020

Daily Market Report 1/24/20

http://MikesDailyMarketReport.com: Markit Manufacturing PMI dropped from 52.4 in December to 51.7 in January; however, Markit Services PMI jumped up from 52.8 in December to 53.2 in January.  Stocks are in Positive Territory this morning on some good Earnings Reports from AMEX and Intel, while shrugging off the coronavirus news.  MBS is currently Up 5bps and making another run higher above the current ceiling (it closed beneath it yesterday).  Mortgage Rates remain Unchanged.  Yields continue it's slide and are hovering around 1.72% with it's next floor of support coming in at 1.67%.

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Thursday, January 23, 2020

Daily Market Report 1/23/20

http://MikesDailyMarketReport.com: The Weekly Jobless Claims rose 6k to 211k for this week's report; however, these are relatively low numbers and a good indicator to the strength of the labor market.  This week's data holds more importance because it's part of the "sample" week, which is used as part of the Bureau of Labor's formula for the Jobs numbers that will be released in a few weeks.  Stocks are in the Red this morning on growing concerns over the Coronavirus, which China has locked down more cities in order to contain it, and the Death toll has reached 17 lives now.  Q4 Corporate Earnings are still being reported, and thus far, has been relatively good.  MBS is currently Up 13bps and pushing against it's ceiling of resistance.  Mortgage Rates will see some improvement in it's pricing.  Yields have fallen further and are currently around 1.72%.

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Wednesday, January 22, 2020

Daily Market Report 1/22/20

http://MikesDailyMarketReport.com:  Existing Home Sales rose from 5.35 million annualized units in November to 5.54 million in December.  Stocks reverse earlier concerns over the Coronavirus in China, which a report of one traveller in US was infected with it.  Stocks are Up on news that both China and US Center of Disease confirmed that this is not a pandemic and is contained.  Now Stocks are in Positive Territory.  MBS is only Up 2bps, so Mortgage Rates remain Unchanged.  Yields have slid under it's tough Fibonacci floor of support and sitting between the Fibonacci and 100 DMA, around 1.76%.

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Tuesday, January 21, 2020

Daily Market Report 1/21/20

http://MikesDailyMarketReport.com: There are no economic data to report today.  Stocks are taking a bit of a breather today, after a long weekend, and the continuous build-up on stocks.  The IMF reported that they revised their 2020 world economic outlook, which was revised lower by 0.1%, including the US.  President Trump touted the strong economy in the US at the World Economic Forum in Davos, Switzerland.  Asian Markets have been negatively affected over the concerns of a possible outbreak of a serious virus.  The Q4 Corporate Earnings continue to be reported.  Nothing major to report.  It's been more like "Goldilocks" effect -Not too hot, nor not too cold.  MBS is currently Up 9bps, so this improvement and coupled with the late improvement on Friday, should have Mortgage Rates in a slightly better pricing picture today.  Yields have fallen and are testing it's Fibonacci level again.  It's sitting around 1.78% currently.

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Friday, January 17, 2020

Daily Market Report 1/17/20

http://MikesDailyMarketReport.com: Housing Starts rose by 17% MoM to 1.608 million annualized units, which is the highest in 14 years.  However, Building Permits dipped 3.9% to 1.416 millin annualized units in December.  Industrial Production dropped by 0.3% in December.  Capacity Utilization dropped from 77.4% to 77.0% in December.  The Jolts Jobs Report (Job Openings) dropped from 7.361 million in Octobre to 6.8 million in November.  Consumer Sentiment dropped from 99.3 to 99.1 in January.  Stocks are Up this morning on the Housing Starts data and the Q4 Corporate Earnings, which has for the most part, been above forecasts.  China unveiled that they grew at 6.1% last year, which is the worst growth rate in 30 years.  This can be contributed to the detente with tthe US in trade. However, it's MoM in December dramatically increased, as trade picks up with the recent Phase One signing.  MBS is currently down 8bps, off from earlier lows, which touched off it's Fibonacci floor of support.  Mortgage Rates worsened a little bit today, as a result.  Yields are fighting their way back above it's 50 DMA and sitting near 1.84%.

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Thursday, January 16, 2020

Daily Market Report 1/16/20

http://MikesDailyMarketReport.com: Weekly Jobless Claims dipped a bit further (Good News!) to 204k.  Retail Sales rose 0.3% in December; however, if you exclude Autos, then it rose 0.7%.  Manufacturing is showing some improvement in January, as the Philly Fed rose to 17.5 (on the heels of Empire State Index higher levels).  The Import Price Index rose 0.3% in December.  Business Inventories dropped 0.2% in November.  The NAHB Home Builders Index dropped slightly in January, going from 76 to 75.  Stocks are trading in Positive Territory this morning after the Phase One Deal was signed yesterday.  The Q4 Corporate Earnings continue to come out.  MBS is currently Down 3bps, so Mortgage Rates remain Unchanged from yesterday.  Yields have touched the important Fibonacci Level (1.779%) again today, but has since bounced a little higher to 1.81%.  This Fibonacci line is putting a cap on Mortgage Rates; so, if it can break below this line (and remain below it), then there's a good chance of Mortgage Rates improving further.  But this has been a strong support for Yields since early December.

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