http://MikesDailyMarketReport.com: The Weekly Initial Jobless Claims finally dropped below 700k, when it was reported that only 684k people applied for first time unemployment benefits last week. Also, another great report come in, which was the final revision for the Q4 GDP, which came in higher than it's initial (4.1%) to 4.3%. Stocks are Up on the data; and the choppiness this week has been occuring, as the big Hedge Fund Managers reposition and rebalance their portfolios for the ending quarter. As COVID cases hit Europe are resulting in more Lock Downs, which initially helped Yields; but that dissipated, as the 7 year Treasury Auction came in a bit poor. We're looking for Yields to hold below the important Technical Level that we discussed yesterday, which is around the 1.62% range. We're currently sitting just under the 1.63% range. MBS also faced a bit of a seesaw action this morning with all of the news being reported. Currently, it's Up 2bps; so Mortgage Rates should be closely Unchanged from yesterday's close.
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