http://MikesDailyMarketReport.com: Housing Starts dropped by 0.2% in April, as March data was revised lower (from 1.793 million seasonally adjusted units to 1.728 million). April's data reported at 1.724 million. Likewise, Building Permits dropped 3.2% in April. However, it's March data was revised higher (from 1.870 million to 1.879 million). April's data came in at 1.819 million. We'll continue to monitor this data, as we saw yesterday that confidence with Home Builders dipped in May. This trend could continue. Meanwhile, there's a massive selloff with Stocks today, as Investors continue to review Corporate Earnings Reports, which many large Retailers are releasing their reports this week. Many have missed their numbers, which is due to their rising costs (a result from high inflation). Investment dollars have diverted over to MBS, as it's currently Up 33bps. We're seeing an improvement with pricing for Mortgage Rates today. Yields have come down to 2.89% and pushing it's 25 DMA again.
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