Tuesday, November 26, 2019

Daily Market Report 11/26/19

http://MikesDailyMarketReport.com: The Case Shiller HPI rose in September from 3.1% to 3.2%.  Consumer Confidence slightly slipped from 125.9 to 125.5 in November.  Forecasts were calling for an increase to 128.2.  New Home Sales had a large revisions to it's September numbers, going from 701k to 738k, which technically, it dropped to 733k in October based on the revision.  This will most likely be misconstrued in the Media into some negative news, but don't be misled with the misinformation.  Stocks continue to climb on preliminary agreement to a Phase One between the US and China.  Also, Fed Chair Powell had optimistic view of the US economy last night, which is sticking well with investors.  The good news is that MBS is also rising, and is currently Up 6bps.  Couple that with yesterday's late rally close Up 16bps), which Improves pricing for Mortgage Rates.  Yields have fallen below it's 50 DMA and currently sits a bit under 1.74%.

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