Tuesday, October 6, 2020

Daily Market Report 10/6/20

 http://MikesDailyMarketReport.com:  This week is light for economic data, which we have none to share today.  Stocks are currently in Negative Territory, as Fed Chair Powell presented a speech this morning and reiterated the Fed's stance on more stimulus being needed from Congress; and it's better to give too much, than not enough.  Otherwise, the economy will grow more slowly compared to receiving more stimulus; and more businesses may close and/or file for bankruptcy.  MBS is fighting to stay above it's double floor of support (25- and 50 DMA); and currently Up 2bps.  There's a lot of uncertainty in the Market, as the long wicks on both ends of the candle indicate.  Mortgage Rates remain Unchanged from yesterday's close.  Yields broke above a few Technical levels yesterday and sitting at 0.78%.

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Also, these videos are base on my views and not represented by any other entity, but my own.  I work as a Loan Officer, and if you'd like information on Mortgages, or how I can assist you, then either direct message me, or visit http://michaelb.swmcretail.com

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