http://MikesDailyMarketReport.com: Initial Jobless Claims continue to disappoint again, as they remain in the 400k range; which happens to be this week's report (400k exactly). Another trend popped up, is the Continuing Claims, which is starting to rise again. Something we'll need to watch closely! We get our first look at Q2 GDP, which forecasts are calling for 8.5%; however, the report is very disappointing, as it is being reported at 6.5%. We will get 2 more looks, which could be revised. Pending Home Sales dropped 1.9% in June, which some are saying that it could be a cooling off period for housing. We'll see! Stocks are shrugging off the data today, as Investors are giving more weight to Corporate Earnings. Meanwhile, MBS is showing signs of a possible trend reversal; and is currently Down 3bps. Currently, Mortgage Rates are Unchanged from yesterday's pricing. This could change, as Yields have climbed up to 1.27%, after hanging around 1.25% range. The worsening happened after a disappointing 7 year Treasury Auction. MBS is not currently responding the same, but it could later in the day, so proceed with caution; especially, if Yields continue to worsen.
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