http://MikesDailyMarketReport.com: Initial Jobless Claims continued it's downward trend this week, as it was reported only 547k people applied for first time benefits. Also, to note that Continued Claims have been dropping too. Existing Home Sales disappointed in March, as it reported only 6.01 million seasonally adjusted annualized units. This is due to lack of supply! Lastly, the Leading Economic Indicators rose by 1.3% in March, which is good for future growth of the economy. Stocks are Down this morning, as they take another day for a break, as many positions are currently in overbought position. The ECB announced that they will remain accomodative and run the course. This helped the Bond Market a bit this morning. Also, Biden introduced a Capital Gains Tax bill that will help to pay for all of the Government spending. It will be between 40-50% tax rate. Meanwhile, MBS started the day lower and is currently sitting Unchanged; as Mortgage Rates remained Unchanged from yesterday's close. Yields continue to test both Technical ceiling and 50 DMA floor; and currently sits just under 1.57%.
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