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2010
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The Dow, which rallied yesterday to close down only 7 points yesterday, had no such mettle today. The Dow spent the entire day beleagured in a quagmire of poor second quarter results and astonishingly poor consumer sentiment. The malaise grew as the day went on and stocks ended up limping to th...
07/16/2010
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Mortgage backed securities (MBS) closed up 22 basis points today at 101.91 above all charted resistance. MBS bonds opened flat and were little affected by earnings reports. When consumer sentiment numbers came in far below expectations, however, the bonds, which thrive on bad economic news, ral...
07/16/2010
The Dow had a mercurial day in reaction to a bevy of economic news some of which was good and some bad. The New York Fed Manufacturers Report and the Philly Fed Index were both well off their expected levels today pointing toward a slowing economy. On the positive side, Industrial Production ...
07/15/2010
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Mortgage backed securities (MBS) closed up 31 basis points today at 101.69 having gone into record territory prior to being bounced back just under the high of the 7/2/10 close. Tame inflation news from the Producer Price Index and a lower initial jobless claims number treated traders to just th...
07/15/2010
Retail sales were down .5% at a lower level that tge .2% decline that was expected. Stocks began the day nearly flat but when the Fed minutes came out anticipating a longer that expected recovery, stocks turned south. Interspersed in the language were news of continued low inflation and also a...
07/14/2010
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Mortgage backed securities (MBS) closed up a surprising 41 basis points today at 101.34 heading back upward toward resistance offered by the high of July 2nd. MBS bonds opened higher after having lost a net of 56 basis points over the past week. Today's results of the 30 year Treasury bond auct...
07/14/2010
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As discussed in yesterday's blog, the earnings season was off to a good start with a positive report from Alcoa. That lead continued this morning as improved earnings reports bolstered the Dow to a 100 point jump early. Thoughout the day monies flowed from Treasuries as stocks continued to rall...
07/13/2010
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Mortgage backed securities (MBS) closed down 25 basis points today at 100.94 having fallen through support and came to rest 32 basis points above the new support level at the 25 day moving average. MBS bonds opened nearly flat and then money began to flow out of the perceived safe haven seeking ...
07/13/2010
Stock futures were down 15 points before the open this morning. They opened lower, soon after crossed into positive territory and proceeded to vasilate through out the day before closing up 18 points. There were no economic reports issued today so traders played it close to the vest with the im...
07/12/2010
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Mortgage backed securities (MBS) closed up 3 basis points today at 101.53 just barely above suppport offered by the closing of 12/17/08. Despite an extremely bearish technical signal on Wednesday, the fact that MBS bonds are grossly over bought and the Fed's cessation of mortgage backed security...
07/12/2010
