ARCHIVED BLOG POSTS
2010
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Today was another crazy day for stocks. Based on new testimony given by Fed Chief Ben Bernanke as he appeared before Congress, traders got a good feeling about the economy and about avoiding the dreaded double dip recession. Stocks were in the positive for most of the day. As the day played ou...
06/09/2010
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Mortgage backed securities (MBS) surprisingly closed up 19 basis points today breaking through resistance at 100.21. Normally surpassing resistance and closing above it portends well for bonds. In this environment, however, the MBS bonds are extremely overbought. This condition could cause the...
06/09/2010
Stocks bounced up and down all day. Despite Bernanke's assurances that there would not be a double dip recession, stocks performed poorly for most of the day. The Swiss franc lost ground to the Euro which in turn made gains on the dollar. This was probably the result of intervention from the ...
06/08/2010
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Mortgage backed securities (MBS) closed up 3 basis points today at 100.19 coming to rest just under resistance at 100.21. Yes, yesterday the bond closed at almost 103. You are probably wondering how a 3 basis point change in price could change the closing price so much. The answer is that we s...
06/08/2010
The Conference Board Employment Trends Index came out this morning. This index normally points to the directiion that U.S. employment is heading. The index was up for the ninth consecutive month closing at 97.7. The upward trend pushed the level up 9% over last year at this time. Despite this...
06/07/2010
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Mortgage backed Securities (MBS) closed up 22 basis points today at 102.91 which represents the higheest closing level in the past year. As a result, interest rates are extremely low with the conforming 30 year fixed rate being offered at 4.75% with no points. Taking a look at the stochastics s...
06/07/2010
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What is all the buzz about the jobs report? Although the report showed a gain of 431,000 jobs, nearly 400,000 of those were temporary census jobs. The result is that the private sector created a scant 40,000 jobs. With the expectation having been set at around 100,000 private sector jobs, this...
06/04/2010
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Mortgage backed securities (MBS) closed up a whopping 62 basis points today at 102.69 having broken through the resistance of 12/8/09 and coming to rest just above a new resitance level at 102.68. This morning the poor showing in the May jobs report combined with Hungary having revealed thier ow...
06/04/2010
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Tomorrow the Job's Report will come out letting us know how many jobs were added during the month of May. Experts concensus seems to be that 500,000 new jobs were created. Since we know that about 400,000 census related workers were hired in May, that would mean that the economy at large would ...
06/03/2010
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Mortgage backed securities closed down 3 basis points today at 102.06 just barely below yeserday's close and still lurking just below tough resistance offered by the close of December 8th 2009. Traders were reluctant to speculate today in advance of tomorrow's job's report. Taking new positions...
06/03/2010
