Wednesday, June 17, 2020

Daily Market Report 6/17/20 Housing Starts had a slight uptick in May (from 934k to 974k), but didn't meet forecasts of 1.13 million annualized units.  However, Building Permits was a bit better in May, as it improved from 1.07 million to 1.22 million (nearly meeting it's forecasts of 1.25 million).  Stocks have been improving daily, but settling off their highs.  Today, they're in Mixed Territory, as the DOW is lone index, slightly in the Red.  Fed Chair Powell is in his second day of testimony, bu this time with the House.  We saw a lot of fluctuations in the Markets, as he was speaking today.  Investors are trying to be bullish and hope for a V recovery, which they're clinging to a great Retail Sales number recently, new coronavirus drugs and economies reopening; however, they have another eye on more outbreaks of coronavirus in China and numbers rise in several places in the US.  This uncertainty can only go so far with the Markets, and possibly sour, as they realize that it's going to take time for a recovery (longer than what they're hoping).  MBS is showing this on their charts too, as they're currently Down 5bps and still sitting between it's 25- and 50 DMA.  Mortgage Rates remain same as yesterday.  Yields are down a bit, and are sitting just above a level of support (just below 0.75%).

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