http://MikesDailyMarketReport.com: ADP Employment Report had a positive revision in it's April numbers by approximately 600k, and it's May's numbers came in at a loss of 2.760 million; however, forecasts had it at a loss of 8.663 million. Markit Services PMI improved their reports to 37.0 in May; also, the ISM Non-Manufacturing Index improved to 45.4. So, we're seeing some improvement in our Services sector in May, as we saw some improvement in Manufacturing yesterday. Factory Orders dropped by 13% in April. Investors are still in a Euphoric mood, as stocks continue at this torrid pace, which flamed a bit higher after seeing the ADP Employment Report. At some point, they'll need to take their heads out of the clouds and realize that the economy has a ways to go after the pandemic, and now the domestic violence; and to top it off, the increasing tensions with China. MBS broke below it's double floor of support (25- and 50 DMA) and is Down 17bps this morning. The Fed is expected to buy about $4.5 Billion in MBS today, so we'll see if we can get back above that floor. Mortgage Rates were priced a bit worse this morning. Yields are adding the pressure to MBS, as it broke above it's 50 DMA and is sitting at 0.75%.
If you're located in California and looking to either buy a home or refinance and would like my assistance, then please click on the following link and answer a few questions: HERE
Please subscribe to my Blog and YouTube Channel at MikesDailyMarketRpt
No comments:
Post a Comment