Tuesday, July 16, 2019

Daily Market Report 7/16/19

http://MikesDailyMarketReport.com: Both the Headline Retail Sales and it's sub-component without Autos had the exact reading for the month of July, as it continued the 0.4% MoM growth from May-June and June-July.  As we saw from previous Manufacturing Reports in June, the Industrial Production report was stagnant (0.0%) in June.  Capacity Utilization slide from 78.1% to 77.9% in June.  Business Inventories rose 0.3% in May.  Home Builder's confidence slightly rose in July from 64 to 65, as the NAHB Home Builders Index announces.  Stocks are trading in Mixed Territory after hitting highs yesterday.  NASDAQ and S&P are taking a bit of a breather, while the DOW continues to hit new intra-day highs.  Corporate Earnings Reports, especially for the Banking Sector, are taking center stage.  Most of the banks are hitting their lowered expected performances.  Profit Margins are shrinking and Loan Activity is down.  MBS is currently down 11bps, and has hit -12, so many Lenders have priced in a little higher Interest Rates.  They're still sitting between it's 25- and 50 DMA.  Yields have now climbed to 2.13%, which is still in middle of it's 25- and 50 DMA.  The 50 DMA sits around the 2.20%, so it's feasible that we see Yields reach this level before we see any further improvement (lower Yields).

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