http://MikesDailyMarketReport.com: Existing Home Sales rose 0.8% in October, going from 6.29 million seasonally adjusted annualized units to 6.34 million. The big news today is the renomination of Jerome Powell for Fed Chair. Unfortunately for us, the Market wasn't too thrilled. The Bond/Treasury Market were more receptive to Brainard, apparently. As a result, MBS is Down 33bps, which the poor 5 year Treasury Auction showing contributed some to the decline. This means that Mortgage Rates worsened toward the worse levels felt last week. Also, Yields have spiked up to 1.62%. This will be a short week and may not see a lot of volume trading; however, there could be some volatility due to mostly Day Traders in the Market, while the Big Hedgefunds celebrate Thanksgiving.
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