http://MikesDailyMarketReport.com: We have several items on the Economic Calendar today. We'll start with our Weekly Jobless Claims, which last week's numbers were revised lower from 213k to 212k; this week it came in much lower at 199k, which is (from my understanding) the lowest reading since 1969. The Markit Manufacturing Index showed some improvement in January, rising from 53.8 to 54.9. However, the Markit Services Index declined from 54.4 to 54.2. Also declining is the Leading Indicators. It dropped 0.1% in December. Stocks are currently Up, but did start lower, as Investors initially looked at the Macro Economic Outlook, as Wilbur Ross commented that the US and China Trade Negotiations are still "miles and miles apart" on their Agreement. Also, adding to sentiment, was comments by ECB President Mario Draghi, whom mentioned that the balance of risks went from being balanced in December to becoming unbalanced to the downside today. Investors are comparing US Corporate Earnings Reports to the Macro News; and so far, the domestic news seems to be outweighing the Global news. Currently, MBS is up 9bps and trying to break back above the 25 DMA. It's not quite enough to improve pricing for Mortgage Rates, but could eventually (depending upon how stocks do today). Yields have slipped to 2.72% and fell below it's 25 DMA.
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