http://MikesDailyMarketReport.com: The Initial Jobless Claims reported today was a bit of a disappointed after last week's (revised) 971k people applying for first time unemployment benefits, jumped back above the 1 million mark at 1.11 million for last week. The Manufacturing in the Philadelphia dropped a little in August, but remains relatively good, as the Philly Fed Index dropped from 24.1 to 17.2. Also, the Leading Indicators show more regression in the upcoming months, as it went from 3.0% in June to 1.4% in July. Stocks are Up a bit this morning, but Investors are still worried that an Stimulus Packages hasn't been agreed upon yet, as they view this as essential to any recovery. The FOMC Minutes clouded the view of a recovery, as they view July's position even more uncertainty of the economy than June's meeting. MBS has started a bit of a new trend that they're gradually improving, but at a slower pace. They're starting the day much higher, but pull back late in the day (losing most of the gains from the day). Currently, it's sitting just above it's 25 DMA and Unchanged from yesterday's close. Mortgage Rates will be priced about the same as yesterday's pricing; or in some cases (due to last week's FHFA's tax on refinances on conventional loan refinances) could be a little worse, as Lenders are still adjusting to this new tax. Yields are currently below that double layer of support (the 100 DMA and technical level) and is sitting just under 0.65%. It did touch off it's 50 DMA earlier, but has since pulled back from it. But it's trending back in that direction.
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