http://MikesDailyMarketReport.com: The ADP revised it's May report from 978k private payroll jobs to 886k. However, June's data exceeded it forecasts of 600k by reporting 692k jobs. The revision in May's data made this more or less a wash. Business activity in the Chicago region dropped in June, after hitting it's highest number in May since 1983. The Chicago PMI reported 66.1 for June. Anything above 50 is considered expansion, so it's still doing well. Lastly, NAR reported that Pending Home Sales rose 8.0% in May after forecasts called for nearly a 1% drop. Stocks are trading in Mixed Territory. We enter the last day of the Month/Quarter, and Portfolio Managers will finish their rebalancing of portfolios today. This has caused some movement in the Markets this week; and it's choppiness. MBS is Up 5bps and testing some upper levels. Mortgage Rates are Unchanged from yesterday's close. We received some of the better pricing yesterday, as MBS continued it's movement upwards; however, today is showing some weakness between the 50- and 100 DMA. Yields are at their lowest level, 1.44%, which has been a rock hard floor! Every time we've hit this spot, then Yields have risen; and showing some signs that a trend reversal may happen soon! Be cautious, as these signs may indicate we're at the best pricing this week; and may see some deterioration soon.
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