ARCHIVED BLOG POSTS
2010
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Stocks opened lower as traders were still unsure what the language in the Fed minutes would reveal. When they saw that additional purchases of Treauries were likely in the offing, however, they drifted higher. The Dow closed unenthusiastically up 10 points. A selloff in Asian markets contribut...
10/12/2010
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Mortgage backed securities (MBS) closed down 16 basis points today at 100.94 having fallen through support at the 101.00 level. They did remain, however, above support offered by the 25 day moving average. Worries about today's Treausry auction began around mid session and were confirmed as po...
10/12/2010
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With the bond market closed and little economic news swirling through the stock exchanges, their was little impetus to propel stocks. Predictably, markets barely moved today with the Dow Jones Industrials closing up a scant 2 points. Awaiting the early November news as to whether the Fed will p...
10/11/2010
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Mortgage backed securities did not trade today in observance of Columbus Day. As you can tell by great rates, the MBS market has continued to rally closing Thursday at the highest level ever recorded. As you can imagine, the stochastic reading tells us that the market is extremely overbought. A...
10/11/2010
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Stock futures pointed lower as the news of fewer jobs circulated around the floor of the exchange. Hanging on to the fact that the nominal unemployement rate remained at 9/6% (although we all know it is really north of 17%) and with misguided dreams of the curative powers of quantitative easing ...
10/08/2010
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Mortgage backed securities (MBS) closed down 25 basis points today at 101.09 after accounting for the 31 basis point hit for the monthly coupon rollover. MBS bonds started the day on a high as the job number came in 95,000 below expectations. As stocks began to overcome their maiaise, bonds beg...
10/08/2010
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Mortgage backed securities closed up 25 basis points today closing at 101.66 having remained above both layers of the former resistance coming to rest at all time highs. MBS bonds opened near even without too much fanfare. The Fed announced that it would sell $66 billion in new Treasury issues ...
10/07/2010
Equity markets were fairly uneventful today as traders postured themselves for tomorrow's jobs report. Weekly jobless claims dropped by 11,000 last week. This was slightly below the anticipated number but not enough to ignite the market. Competing with any attempt to advance were bonds and a r...
10/07/2010
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Stocks opened lower but cruised to a mixed result at the close. The Dow closed the day up 22 points while the NSADAQ was down 19 and the S &P 500 lost just a fraction. QE2 is on the lips and minds of prognosticators today. No not the British ocean liner. This QE2 refers to the second round of...
10/06/2010
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Mortgage backed seccurities closed up 47 basis points today at 101.41 having broken through the second level of tough resistance which has been holding bonds down since August. ADP's jobs report, which has historically been sketchy in the reliability department, showed a loss of 39,000 jobs in ...
10/06/2010