http://MikesDailyMarketReport.com: The Markit Services Services PMI indicated growth in Januayr, as it rose from 54.8 in December to 57.5 in January; and it's counter-part, Markit Manufacturing PMI rose from 57.1 in December to 59.1 in January. Anything above 50 in these indices indicates expansion. Lastly, the Existing Home Sales rose from an seasonally adjusted 6.69 million units to 6.71 million in November and rose to 6.76 million in December. Overall, very good numbers! However, the Stock Market is Down today, as Investors can't justify more expansion when the coronavirus is still negatively affecting the Global Markets (more new cases; more lockdowns in Europe & Asia; comments by Dr Fauci indicating the vaccinnes in Market may not be effective to certain strains of the virus; etc...). This is souring the mood for investors whom are pulling for a recovery. Meanhwhile, the Q4 Corporate Earnings are still being released and having some impact; but the greater impact is the news on coronavirus and uncertainty of more Stimulus. MBS is recovering some of it's late losses yesterday. Yesterday, it closed down 6bps; and currently, it's Up 6bps. It hasn't been enough movement for any changes with Mortgage Rates, which remain Unchanged. Yields are still ranging between the 1.09% and 1.10% levels.
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