Monday, July 15, 2019

Daily Market Report 7/15/19

http://MikesDaily Manufacturing in the NY region improved in July, as the Empire State Index rose from -8.6 to 4.3 -better than most forecasts of 0.5.  Stocks are currently in Negative Territory, after they initially started the day in Positive Territory.  Today, we got the Unofficial Start to Corporate Earnings Reports for Q2.  CitiGroup led off with great numbers, however, investors were disappointed with it's cuts in costs.  China's GDP slowed to it's slowest pace since 1992 at 6.2%; however, investors liked that the stimulus that China laid out appears to be effective, as their Industrial Production jumped from 5.0% tp 6.3% MoM and Retail Sales jumped Up 9.8%.  MBS is Up only 3bps and fighting overhead resistance at it's 25 DMA, which has become a Ceiling of Resistance.  Mortgage Rates remain Unchanged.  Yields are sitting around 2.10% in the middle range of it's 25- and 50 DMA.

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