Tuesday, September 24, 2019

Daily Market Report 9/24/19

http://MikesDailyMarketReport.com: The Case Shiller Home Price Index remained Unchanged at 3.2% in July, as June's data was revised a little higher.  Consumer Confidence dropped a bit in September, from 134.2 to 125.1, due to the tensions that erupted between the US and China Trade Negotiations.  Stocks are Up this morning, as reports indicate that the talks between US and China continue to progress.  It was reported that the Top UK Court ruled that PM Johnson violated law last month on his suspension of Parliament as a tactic for Brexit.  The British Pound rose against the US dollar.  Also, reports out of Saudi Arabia that progress is being made on their recovery from the drone strikes and back to oil production.  MBS is Up 11bps, however, yesterday it closed -5bps, even though it was in Positive Territory for most of day.  We're around same levels as yesterday morning (between 25- and 50-DMA), so Mortgage Rates remain Unchanged.  Yields had similar reaction yesterday and are back to 1.67%.  Both are heading toward a possible Breakout, which that Trend appears to favor Bonds.  The concern lies iwth Friday's report of the PCE, which could have an adverse effect on MBS, if it comes in a bit hot.

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