http://MikesDailyMarketReport.com: Jobs are THE NEWS today! The Bureau of Labor reports that 2.5 million jobs were created in May, as most economists forecasted a loss of 7.25 million. The April number was revised a bit higher, going from 20.5 million in losses to 20.7 million i losses. Also, the Unemployment Rate dropped from 14.7% to 13.3%, as most economists expected it to rise to 19.0%. The Average Hourly Earnings dropped 1.0% in May, which may have been a result in 0.5 hour increase to the Average Weekly Hours worked. Stocks are well into Positive Territory on the Jobs data, as the DOW topped 800 this morning. There's optimism for a quick recovery. Meanwhile, MBS is currently Down 17bps, and off from earlier lows (down 27bps). As expected from the news, Mortgage Rates have worsened a bit today. We are in a territory now that they can continue to worsen a bit more, as there is nearly 1.5 points spread between the 25 DMA (now ceiling) and 100 DMA (it's floor). Yields are approaching it's 100 DMA and adding more pressure on MBS, as it's now up to 0.93%.
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