Tuesday, June 2, 2020

Daily Market Report 6/2/20

http://MikesDailyMarketReport.com: Quiet news day today, as there are no data to report on the Economic Calendar; and the Headline news is based on Investors Optimism of the reopening, while shrugging off the domestic violence and rising tensions with China.  Stocks are currently in Mixed Territory, as the NASDAQ is the lone index in the Red this morning.  Yesterday, MBS broke above it's 25 DMA and closed Up 9bps.  Today, it's testing it's floor (25 DMA) and is Down 6bps.  Mortgage Rates remain Unchanged from yesterday's pricing.  If we can remain above these 2 lines (25 DMA and 50 DMA), then we will see some improving Mortgage Rates.  Yields had closed below it's 25 DMA yesterday; however, this morning is above it and pressing against it's 50 DMA.  It's currently at 0.68%.

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