ARCHIVED BLOG POSTS
2012
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Stocks sold off this morning in an initial reaction to the election results from France and from Greece. After having spent weeks and months painstakingly building austerity programs in hopes that European debt will be able to be controlled, voters may have put the programs in jeopardy. The new...
05/07/2012
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MOrtgage backed securities (MBS) closed up 9 basis points today at 104.09 having made today the highest close ever experienced for mortgage backed securities. Whether this can be sustained and cause additional improvement in mortgage rates, is difficult to forecast as we have never been here bef...
05/07/2012
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Stocks never had a chance. Although I thought the market had priced in the possibilty of a lackluster jobs report, when traders saw that the number was only 115,000, however, all bets were off. The market sold off like an avalanche and the Dow was down over 180 points at one point. The good ne...
05/04/2012
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Mortgage backed securities (MBS) closed up 12 basis points today atr 104.03 having closed squarely on the high close of all time. During the day bonds crept up to within 7 basis points of the highest interday mark ever. Yesterday I wondered what would happen if we got a real stinker of a jobs r...
05/04/2012
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Stocks had another poor session today as the ISM service level fell to its lowest level since December at 53.5. It is important to note, however, that any reading above 50 indicates expansion. An improved sales report from General Motors and a drop in initlal umeployment claims were not positiv...
05/03/2012
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Mortgage backed securities (MBS) closed up 6 basis points today at 103.91 having edged slightly closed to resistance offered by the all time just 34 basis points above. It will be interesting to see if that resistance can be conquered if tomorrow's jobs report is a real stinker. Some negative n...
05/03/2012
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Mortgage backed securities (MBS) closed up 9 basis points today at 103.81 continuing to bounce around in the large void between the various moving averages and the record high of all time. That resistance level has proved to be a worth adversary acting a firm ceiiling for bond prices. MBS bonds...
05/02/2012
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ADP's jobs report came out today and it was a clunker. The often maligned report, the accuracy of which has beeen questioned in the past, showed that the enonomy created only 119,000 jobs. The figure was more than 50,000 below the 170,000 the market was expecting. Stocks sold off early but the...
05/02/2012
After yesterday's gloomy outlook on the economy with the GDP's advance slowing from 3.0% down to 2.2% last quarter, todays ISM report came as a surprise this morning. The ISM Manufacuring Index is The Institute for Supply Management's Manufacturing Report and is considered by many economists to ...
05/01/2012
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Mortgage backed securities (MBS) closed down 13 basis points today at 103.72 having slipped slightly but still remained above all the moving averages and in an area which yields great interest rates. It surprising how short lived the woes from Europe are in the market place. Every time there is...
05/01/2012
