Tuesday, June 7, 2022

Daily Market Report 6/7/22

 http://MikesDailyMarketReport.com:  As mentioned in yesterday's report, this week is light with Economic data, as today is one of the days without anything with merit.  So, the impact will come mostly from headline news and geopolitical this week.  Today, stocks are down on renewed concerns over the retail industry, as Target reiterated it's profit outlook and began taking preventive measures.  This set the mood in the Markets.  This is helping Mortgage Rates today, as the MBS is currently Up between 38-43bps.  Yesterday, we lost 53bps and closed below the 25 DMA; so, we are regaining most of the losses that were incurred from yesterday's trading this morning and pushing back above the 25 DMA.  We'll need to see if it can hold.  Also, even if we break above the 25 DMA, then within next week or so, the 50 DMA may be crossing the 25 DMA which will add more pressure (it will need to decide whether to go up or down).  Yields are back down below 3% at 2.98%.

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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.

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