http://MikesDailyMarketReport.com: The Weekly Initial Jobless Claims shrunk down to 406k people applying for first time benefits; also, more people are getting off the continuing benefits, as that number shrunk by nearly 100k. The Q1 GDP remained Unchanged from last reporting at 6.4%. Our last report will come in June! The Durable Goods Orders dropped by 1.3% in April; however, if you exclude Transportation (big ticket items), then it rose by 1.0%. Lastly, Pending Home Sales dropped by 4.4% in April, as we continue to see Listings drop. We're already at Historic Lows! Stocks are Up this morning, but moderate levels, as they look for some sort of news of the Fed and prospects of Tapering (reducing their Treasury and MBS monthly purchases). Tomorrow is the Fed's favorite gauge for Inflation, so be prepared for some volatility, especially if it's high!!!!! MBS is Down 13bps this morning and have broken below it's 25 DMA. As a result, Mortgage Rates have pulled back a bit and are priced a little higher. Yields have climbed back above it's 25 DMA and pushing against a Technical Ceiling. It's currently sitting just under 1.62%.
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