Daily Market Report 1/22/20

http://MikesDailyMarketReport.com:  Existing Home Sales rose from 5.35 million annualized units in November to 5.54 million in December.  Stocks reverse earlier concerns over the Coronavirus in China, which a report of one traveller in US was infected with it.  Stocks are Up on news that both China and US Center of Disease confirmed that this is not a pandemic and is contained.  Now Stocks are in Positive Territory.  MBS is only Up 2bps, so Mortgage Rates remain Unchanged.  Yields have slid under it's tough Fibonacci floor of support and sitting between the Fibonacci and 100 DMA, around 1.76%.

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Daily Market Report 1/21/20

http://MikesDailyMarketReport.com: There are no economic data to report today.  Stocks are taking a bit of a breather today, after a long weekend, and the continuous build-up on stocks.  The IMF reported that they revised their 2020 world economic outlook, which was revised lower by 0.1%, including the US.  President Trump touted the strong economy in the US at the World Economic Forum in Davos, Switzerland.  Asian Markets have been negatively affected over the concerns of a possible outbreak of a serious virus.  The Q4 Corporate Earnings continue to be reported.  Nothing major to report.  It's been more like "Goldilocks" effect -Not too hot, nor not too cold.  MBS is currently Up 9bps, so this improvement and coupled with the late improvement on Friday, should have Mortgage Rates in a slightly better pricing picture today.  Yields have fallen and are testing it's Fibonacci level again.  It's sitting around 1.78% currently.

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Daily Market Report 1/17/20

http://MikesDailyMarketReport.com: Housing Starts rose by 17% MoM to 1.608 million annualized units, which is the highest in 14 years.  However, Building Permits dipped 3.9% to 1.416 millin annualized units in December.  Industrial Production dropped by 0.3% in December.  Capacity Utilization dropped from 77.4% to 77.0% in December.  The Jolts Jobs Report (Job Openings) dropped from 7.361 million in Octobre to 6.8 million in November.  Consumer Sentiment dropped from 99.3 to 99.1 in January.  Stocks are Up this morning on the Housing Starts data and the Q4 Corporate Earnings, which has for the most part, been above forecasts.  China unveiled that they grew at 6.1% last year, which is the worst growth rate in 30 years.  This can be contributed to the detente with tthe US in trade. However, it's MoM in December dramatically increased, as trade picks up with the recent Phase One signing.  MBS is currently down 8bps, off from earlier lows, which touched off it's Fibonacci floor of support.  Mortgage Rates worsened a little bit today, as a result.  Yields are fighting their way back above it's 50 DMA and sitting near 1.84%.

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Daily Market Report 1/16/20

http://MikesDailyMarketReport.com: Weekly Jobless Claims dipped a bit further (Good News!) to 204k.  Retail Sales rose 0.3% in December; however, if you exclude Autos, then it rose 0.7%.  Manufacturing is showing some improvement in January, as the Philly Fed rose to 17.5 (on the heels of Empire State Index higher levels).  The Import Price Index rose 0.3% in December.  Business Inventories dropped 0.2% in November.  The NAHB Home Builders Index dropped slightly in January, going from 76 to 75.  Stocks are trading in Positive Territory this morning after the Phase One Deal was signed yesterday.  The Q4 Corporate Earnings continue to come out.  MBS is currently Down 3bps, so Mortgage Rates remain Unchanged from yesterday.  Yields have touched the important Fibonacci Level (1.779%) again today, but has since bounced a little higher to 1.81%.  This Fibonacci line is putting a cap on Mortgage Rates; so, if it can break below this line (and remain below it), then there's a good chance of Mortgage Rates improving further.  But this has been a strong support for Yields since early December.

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Daily Market Report 1/15/20

http://MikesDailyMarketReport.com: The Wholesale Inflation data was reported today, as the Producer Price Index rose only 0.1% in December, but it's YoY rose from 1.1% to 1.3%.  The Core PPI also rose 0.1% in December, however, it's YoY dropped from 1.3% to 1.1%.  Manufacturing improved around the NY region in January, as the Empire State Index rose from 3.3 in December to 4.8 in January.  Later today, the Fed Beige Book will be released, as it will provide more of a Micro Economic view of the US economy.  Stocks continue to rise, as we've approached the signing day for Phase One, which will be done later today.  Also, we're at the beginning of the Q4 Corporate Earnings Report season, which it's been ok, rather mixed.  MBS is Up 2bps so far this morning, so Mortgage Rates remain Unchanged.  They may have a difficult time rising, as the Yields are fighting to remain above the important Fibonacci level at 1.779, which is keeping a lid on the MBS from improving much more.  Yields are currently around 1.79 (and did touch off the Fibonacci earlier).

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Daily Market Report 1/14/20

http://MikesDailyMarketReport.com: The NFIB Small Business Index dropped 2 points to 102.7 in December.  On the inflation front, we have the Consumer Price Index, which rose only 0.2% in December, below it's 0.3% forecasts; and it's YoY rose from 2.1% to 2.3%.  The Core CPI rose 0.1% in December and it's YoY remained Unchanged at 2.3%.  Stocks are trading rather lightly this morning, as we begin the Q4 Corporate Earnings Reports.  Today's releases were Mixed, as are the Indexes.  MBS is Up 5bps, so Mortgage Rates remain Unchanged from yesterday's pricing.  Yields have slid below the 50 DMA and sit around 1.82%.

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Daily Market Report 1/13/20

http://MikesDailyMarketReport.com: There are no economic data to report this morning, as it's a relatively quiet news day.  Stocks are Up this morning on anticipation of the US and China Phase One Trade Agreement due to be signed this week, most likely on Wednesday.  MBS is currently Down 8bps and are facing a possible Negative Stochastic Crossover, which could halt it's currently upward trend.  Mortgage Rates at the moment remain Unchanged.  Currently, Yields have climbed their way above the 50 DMA and sit around 1.85%.

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