http://MikesDailyMarketReport.com: The Durable Goods Orders dropped 0.1% in July; however, if you exclude Transportation, then it rose 0.7%. The drop in airplane orders is what is bringing the Durable Goods data down. Meanwhile, Stocks continue to break new records, as they base their economic views on Q2 Corporate Earnings (vs. reported economic data) and comments by Fed Kaplan last week (softening in the tone of tapering). Tomorrow is the beginning of the Jackson Hole Symposium, which Investors are waiting to watch (especially on Friday when Fed Chair Powell speaks). This will be the catalyst for the week! MBS is currently Down 8bps after seesawing in pretty wide swings in both directions. Based on today's pricing and yesterday's swoon (closed down 11bps), then Lenders will price Mortgage Rates a bit worse than yesterday. Pricing should resemble close to last Friday's pricing. There is a 5 year Treasury Auction which might impact the MBS Markets, so be a bit cautious! Yields are spiking again; and is top it's Technical level! It's currently residing at 1.33%. Next layer up is 1.37%. This could eventually put more pressure onto MBS.
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