http://MikesDailyMarketReport.com: The Initial Jobless Claims rose slightly to 353k, according to this week's report. The 2nd look at Q2 GDP rose to 6.6% (slightly lower than forecasts); which, we'll receive final reading next month. Stocks are Down today after several days of breaking new highs. Today is the first day of the Jackson Hole Symposium, which we're hearing from a number of Hawkish speakers (Bullard, Kaplan and George), whom are stating they'd like to taper sooner than later. Also, there are reports out of Afghanistan, which there were a few Bomb attacks in Kabul. Reports are stating several fatalities and wounded. Meanwhile, MBS went into negative territory after the ECB released their Minutes. It was discussing their version of taper talk too. MBS is currently Down 5bps. Yesterday closed Down 14bps; so, Lenders have priced Mortgage Rates worse than yesterday's pricing; and have been pushed below it's 100 DMA. Yields are testing it's next Technical level at 1.37% and currently sits at 1.35%. The last time we hit this level was about 2 weeks ago when Yields dropped. This level is important to hold because next level will be 1.42% (potential for Mortgage Rates).
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