Friday, October 23, 2020

Daily Market Report 2/23/20

 http://MikesDailyMarketReport.com: The Markit Manufacturing PMI modestly rose by 0.1 to 53.3 in October; while it's couter-part, Markit Services PMI rose from 54.6 in September to 56.0 in October.  Stocks are trading a little light this morning and in Mixed Territory (S&P is only index in Positive Territory), as Investors continue to watch for any progress toward a new Stimulus Package.  Some Good News for Gilead, as it's remdesevir drug for hospitalized COVID patients gained FDA approval.  The Q3 Earnings Reports continue to be release, however, nothing big to report there.  MBS started lower, just above it's 100 DMA, and have moved upward, which it's currently Up 5bps from yesterday's close.  Mortgage Rates should be Unchanged from yesterday's pricing.  Yields seem to be showing some early signs of slowing down, as it topped 0.86%, but has since pulled back down to 0.84%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

Also, these videos are base on my views and not represented by any other entity, but my own.  I work as a Loan Officer, and if you'd like information on Mortgages, or how I can assist you, then either direct message me, or visit http://michaelb.swmcretail.com



Thursday, October 22, 2020

Daily Market Report 10/22/20

 http://MikesDailyMarketReport.com: Initial Jobless Claims dropped to it's lowest level since March.  It was reported today that only 787k people applied for first time benefits last week, which is lower than forecasts of 860k.  Existing Home Sales jumped up to 6.54 million annualized sales in September from 6.0 million in August.  Leading Indicators were up 0.7% in September.  Stocks are Down this morning on growing concerns that a new Stimulus Package won't be completed prior to the Election, as this is deemed necessary.  Q3 Corporate Earnings are still being reviewed, including Tesla's, which was released.  Investors are watching the progress (or lack of) a New Stimulus Package; growing numbers of COVID cases, which may lead to more lockdowns; and the progress of Barrett's nomination toward Supreme Court.  MBS was testing it's 100 DMA, but has scaled back from it's earlier lows; and currently Down 6bps.  We're around the same level as yesterday, so we shouldn't see any changes in Mortgage Rates today.  However, Yields continue it's torrid pace, and are Up to around 0.85% now.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

Also, these videos are base on my views and not represented by any other entity, but my own.  I work as a Loan Officer, and if you'd like information on Mortgages, or how I can assist you, then either direct message me, or visit http://michaelb.swmcretail.com



Wednesday, October 21, 2020

Daily Market Report 10/21/20

 http://MikesDailyMarketReport.com: No economic data to point out today.  The Stock Market is Up again today on continued optimism, as the White House and House are working on a deal for new stimulus; however, this could get help up by the Senate, whom have been calling for a smaller Stimulus package.  The Fed Beige Book, which provides us with a Micro view of the economy around the various regions in the US, will be released later today.  Q3 Corporate Earnings Reports continue to be released, whch a headline for Netflix disappointed, as they lost subscribers due to protests over one of their films (deemed highly inappropriate).  Like yesterday, we have a few more Fed Members speaking today.  MBS started the morning much lower and has since pulled back to being Down 6 bps from yesterday's close.  Yesterday, we were in this level, before pulling back.  We're in similar lows that we saw a few weeks ago; however, Yields didn't break the Technical level around 0.79%.  Yesterday, they broke above it, and sit just under 0.81% now.  Mortgage Rates are a little worse today, as a result.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

Also, these videos are base on my views and not represented by any other entity, but my own.  I work as a Loan Officer, and if you'd like information on Mortgages, or how I can assist you, then either direct message me, or visit http://michaelb.swmcretail.com



Tuesday, October 20, 2020

Daily Market Report 10/20/20

 http://MikesDailyMarketReport.com: The Housing Starts were revised lower in August, from 1.416 million annualized units to 1.388 million.  In September, they rose to 1.415 million.  Technically, they rose, but ultimately, it was nearly the same.  Building Permits (future Housing Starts) rose from 1.476 million in August to 1.553 million in September, exceeding forecasts of 1.520 million.  Stocks are in Positive Territory on news that there may be progress on a Stimulus Deal package.  Also, to note, that the DOJ has filed an Antitrust Lawsuit against Google, so stay tuned!  Q3 Corporate Earnings Reports are being released, but nothing big to report today.  Also, there are a few Fed Members speaking at their engagements today, so this could always be a Market Mover, as well.  MBS is currently Down 6bps.  They were denied by it's 25- and 50 DMA yesterday and lost ground by closing -9bps.  Coupled with yesterday's losses and today's, then Lenders will price Mortgage Rates slightly worse today.  Meanwhile, Yields are testing it's next Technical level (same one from a few weeks ago, which held the entire week); and sitting just under 0.78%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

Also, these videos are base on my views and not represented by any other entity, but my own.  I work as a Loan Officer, and if you'd like information on Mortgages, or how I can assist you, then either direct message me, or visit http://michaelb.swmcretail.com




Monday, October 19, 2020

Daily Market Report 10/19/20

 http://MikesDailyMarketReport.com: The NAHB Home Builders Index indicate the growing confidence with Home Builders in the month of October, as it rose from 83 in September to 85 in October.  Stocks started of in Positive Territory, but soon after, went into the Red.  The hopes for a Stimulus package prior to the election is quickly dwindling down, which this optimism is helping to prop up both stocks a yields.  The release of Q3 Corporate Earnings Reports will continue this week, which we have Netflix and Tesla being released this week.  Investors were impressed with China's report for Q3, which grew to 4.9% and pushing it closer to it's 2020 forecasts of 5.5% -6.0% range.  MBS started much lower this morning; however, as the Stock Market turned Red, then they rose to Unchanged pricing from Friday's close (still just below it's 25- and 50 DMA).  Pricing may have been a little worse this morning for the East Coast, but should have improved to Unchanged levels (based on Friday's close) on Mortgage Rates; and West Coast should be pricing in at the same levels as Friday's close.  Yields have been rising on optimism for a Stimulus package; and have rose above another Technical Level.  It's sitting around the 0.77% level.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

Also, these videos are base on my views and not represented by any other entity, but my own.  I work as a Loan Officer, and if you'd like information on Mortgages, or how I can assist you, then either direct message me, or visit http://michaelb.swmcretail.com



Friday, October 16, 2020

Daily Market Report 10/16/20

 http://MikesDailyMarketReport.com: Retail Sales surprised investors, as it rose 1.9% in September on forecasts of 0.7%; even when you exclude Autos, it rose 1.4%.  This adds to the Consumer Sentiment, which rose from September's number at 80.4 to 81.2 in mid-October.  Capacity Utilization rose only by 0.1% to 71.5% in September; however, Industrial Production surprised the Markets with a drop of 0.6% on forecasts of an increase of 0.5%.  This is something that we'll need to watch, as it could indicate negative numbers for the economy.  Lastly, Business Inventories rose 0.3% in August.  Stocks are Up this morning on the Retail Sales and Consumer Sentiment reports.  The Q3 Corporate Earnings are still being released, but nothing of note to report.  Pfizer mentioned that they could potentially release a vaccine by end of November on an emergency basis, if needed, while cases around Europe and a few states in the US have increased.  Investors are still in hope of a Stimulus Package prior to next month's elections; which has the Democrats at $2.2 Trillion, Trump at $1.8 Trillion and Senate at $500 Billion.  Looks like an impasse to me!  MBS is currently Down 2bps, coupled with yesterday's late decline, may lead many Lenders to price more negatively today (most likely a difference of 0.125% in rate).  They broke below their 25- and 50 DMA.  Yields broke back above it's Technical level and sit just above it's 0.74%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

Also, these videos are base on my views and not represented by any other entity, but my own.  I work as a Loan Officer, and if you'd like information on Mortgages, or how I can assist you, then either direct message me, or visit http://michaelb.swmcretail.com


Thursday, October 15, 2020

Daily Market Report 10/15/20

 http://MikesDailyMarketReport.com: We have a mixed bag of economic data today!  The Import Price rose 0.3% in September (this is a low impact data point).  The higher data points include the following Manufacturing reports: The Philly Fed Index rose to 32.3 in October and the NY Fed Index rose 10.5.  However, the Initial Jobless Claims rose 58k from last week's report to 898k.  Stocks are Down, as we've been seeing weakness from them this week!  Sentiment toward possible higher COVID numbers and tighter restrictions in Europe, along with lack of progress on  another Stimulus package is weighing on Investors' moods.  More Fed Members are out speaking today; along with more Q3 Corporate Earnings Reports being released.  MBS is showing some uncertainty this morning, as it's tested both positive and negative directions, which we see by the star shape in the candle.  It's currently Up  3bps; however, yesterday, we closed Up 13bps.  You should see better pricing with Mortgage Rates today.  Yields have pulled back a bit from earlier lows, which tested it's 25 DMA; however, now it's sitting just under 0.72%.

Please subscribe to my YouTube Channel at MikesDailyMarketRpt

Also, these videos are base on my views and not represented by any other entity, but my own.  I work as a Loan Officer, and if you'd like information on Mortgages, or how I can assist you, then either direct message me, or visit http://michaelb.swmcretail.com