http://MikesDailyMarketReport.com: Retail Sales for December stunk! it dropped by 1.9%; and when you exclude Auto, then it dropped further, Down 2.3%. Also, Capacity Utilization dropped from 76.8% in November to 76.5% in December, along with Industrial Production dropping 0.1% in December. Even Consumer Sentiment dropped in January, from 70.6 in December to 68.8 for January. However, Business Inventories rose 1.3% in November. Both Stocks and Bonds are losing in this Market today! The bad data is usually good for Bonds; however, today, the sentiment is Uncertain, which is why we have been seeing wide swings in the Market. Take yesterday for an example, which we kept swinging back-and-forth between positive and negative, until it closed Up 8bps. Today, it was down about 17bps (so it didn't start off too well), then it dropped Down 33bps very abruptly. Mortgage Rates are higher based on the MBS chart. Yields are showing some volatility too! After testing the floor at 1.70%, then it abruptly bounced higher and is testing the 1.77% ceiling again. This is where we're currently sitting. Hopefully, it holds and brings us back down below 1.70%, so we can correct itself after last week's quick change; as Yields sit in an oversold position.
Please subscribe to my YouTube Channel at MikesDailyMarketRpt
Also, these videos are base on my views and not represented by any other entity, but my own. I work as a Loan Officer, and if you'd like information on Mortgages, or how I can assist you, then please direct message me.
No comments:
Post a Comment