http://MikesDailyMarketReport.com: The ADP reported only 742k in new private payrolls today, which missed the 800k forecasts. However, March's data was revised higher from the initial at 517k to 565k. Also, the ISM Non-Manufacturing PMI dropped in April from 63.7 to 62.7, which forecasts called for 64.3. Both reports disappointed the Markets early on; however Stocks regained their Positive position. Most are realizing that the ADP number, even though it missed, it's still a very good number, which we haven't seen in a long while. Meanwhile, Janet Yellen clarified her remarks from the interview released yesterday that she wasn't trying to predict or influence the Fed into changing their stance on raising rates. MBS started a little lower today, but quickly went to "near" Unchanged levels. They're currently sitting Up 2bps. Mortgage Rates are currently Unchanged, as it has been pretty much this whole week. Yields have worked it's way lower, as it tested 3 layers of resistance (25-, 50 DMA and a Technical level). It's currently at 1.60%, just below it's 50 DMA.
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