Thursday, October 29, 2020

Daily Market Report 10/29/20 Q3 GDP rose 33.1% after a loss of 31.4% in Q2.  Of course, these numbers are a bit skewed due to lockdowns and Government Stimulus.  However, they do look promising!  Another promising report came out in the Initial Jobless Claims, which (again) was lower than the previous week.  Only 751k applied for benefits last week!  Unfortunately, the Pending Home Sales didn't get the memo, as it showed a drop of 2.2% in September.  Stocks are Up this morning based on the economic data, but they are still a bit jittery over the increase in virus cases and possible lockdowns/restrictions, as much of Europe is currently undertaking.  Also, the elections for next week provide a bit of intrigue, as if it's too close, then it may be contested.  The Markets like certainty, and this is not certain!  MBS is currently Down 2bps and sitting between it's 25- and 50 DMA.  It started the morning higher, but has retracted to unchanged levels; so, Mortgage Rates remain Unchanged from yesterday's pricing.  Yields are pushing up against the Technical Level again, after some moment shifted yesterday (when it touched off it's 25 DMA and closed higher).  It's resurgence is sitting at 0.81% now.

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