Tuesday, October 22, 2019

Daily Market Report 10/22/19

http://MikesDailyMarketReport.com: Existing Home Sales dropped a bit in September, going from 5.49 million annualized units to 5.38 million in September.  We will receive the New Home Sales on Thursday.  Investors will be primarily watching the Q3 Corporate Earnings Reports, which have (for the most part) been pleasant.  The talks between US and China have been at a slow pace, so Investors will spend more time the Q3 Reports.  MBS is currently Up 6bps.  We had a price adjustment yesterday, which led to Mortgage Rates to rise a bit.  Mortgage Rates are Unchanged from yesterday's close, but slightly higher than yesterday's open.  The MBS broke below it's 100 DMA, but we may get some relief soon, based on the Stochastic Graph, which shows a possible Trend Reversal.  Meanwhile, Yields have pulled back slightly to 1.77% and sitting at it's Fibonacci level.

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