http://MikesDailyMarketReport.com: Initial Jobless Claims finally broke below 400k again, as it reported only 385k applied for first time benefits. Continuing Claims broke below 3 million, as many of the extended benefits had expired; and Challenger Layoffs dropped by nearly 1.5 million (fewer announced job layoffs). Stocks are up on the positive news from the economic data and positioning themselves for more possible news tomorrow with the BLS's Non-Farm Payrolls, which is expecting around 885k. As a result, MBS is currently Down about 13bps, which Lenders priced in a little worse today with Mortgage Rates (from yesterday's close). Meanwhile, Yields is sneaking it's head back above 1.20%; and currently sitting just under 1.22%.
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