Tuesday, September 3, 2019

Daily Market Report 9/3/19

http://MikesDailyMarketReport.com: ISM Manufacturing contracted in August to it's lowest level (49.1%) in approximately 3 years.  Construction Spending slighly rebounded in July by rising 0.1%.  Investors are a bit uneasy with the Manufacturing data today, along with the Tariffs that were implemented on Sunday (by the US and China, alike).  Stocks are down quite a bit on this uneasy feeling.  MBS seem to be gaining some more steam and may have found it's catalyst after moving sideways for the past month by breaking above it's Ceiling of Resistance is currently Up 9bps.  Earlier, it did test the former Ceiling, which will become it's Floor of Support on the Candles Chart.  I'd say that Mortgage Rates are currently the same as Fridays, but this may change if the Candles continue to rise (better pricing).  Yields have dropped below it's Floor of Support and are approaching it's lowest level ever.  It's currently sitting at 1.45%.

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