Monday, October 26, 2020

Daily Market Report 10/26/20 New Home Sales dropped in September from 1.011 million annualized units in August to 959k.  Forecasts were calling for an increase to 1.025 million.  Stocks are Down, as COVID related cases spike in the US.  Europe has started to lock down again, which worries Investors that the US will do the same, as we're trying to bring the economy and jobs back.  There are more Q3 Earnings Reports coming out this week, which will have some notable High Tech Corporations releasing their's (namely Microsoft and Alphabet).  MBS has jumped Up 17bps and is testing it's 50- and 25 DMA ceiling.  Mortgage Rates are priced better today!  Yields have fallen below it's Technical floor and now testing another Technical Level that provided a tough ceiling.  Question will be, if it will be a tough floor, as it's being tested.  Yields are Down to just under 0.80%.

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