ARCHIVED BLOG POSTS
2010
Stocks couldn't catch a break today as word was diseminated early that China's imports had fallen off and their second quarter production, like ours, faltered. Stocks reeled early in the day trading down over 150 points before coming back. The "accommodative" news from the Fed eased the losses,...
08/10/2010
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Mortgage backed securities (MBS) closed up 19 basis points before the coupon rollover closing at 102.91 a new record high level. The effect of the coupon rollover brought tomorrow's opening value to 102.53. The long awaited Fed Open Market Committee statement came out and there was little chang...
08/10/2010
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One of the greatest impediments to smooth closing's this year has been appraisals. Due to new rules that came out last year, loan originators and brokers are not allowed to speak with appraisers. Major federal banks have taken to ordering their appraisals through large national companies who th...
08/09/2010
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Mortgage backed securities (MBS) closed down 3 basis points today at 101.72 just below resistance at the level of Friday's close. There were no economic reports scheduled for release today. Traders seemed to be laid back today as they await the sstatement from the Fed's Open Market Committee to...
08/09/2010
Dow futures weree flat as the morning began but quickly turned south as the job figures were released. True to form, stocks sank at the open. Private payrolls created on 71,000 jobs versus the 83,000 that were expected. Non-farm jobs were down 131,000 rather than the anticipatee -87,000. Reme...
08/06/2010
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Mortgage backed securities (MBS) closed up 28 basis points today closing at 102.75 which represents an all-time high. A poor jobs report propelled MBS bonds into a day of euphoria. Money rushed out of stocks early on and kept bonds in positive territory. The good news from the jobs report was ...
08/06/2010
Stock traders began the day wondering if ADP's numbers from yesterday would have any correlation to tomorrow's official job numbers. The announcement about worse than expected initial jobless claims gave them the jitters and the market was off to a rocky start. Since more than 80,000 census wor...
08/05/2010
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Mortgage backed seccurities (MBS) closed up 19 basis points today at 102.47 once again coming to rest between the two levels of resistance formed by late July highs. Early on, word that weekly jobless claims had risen by 19,000 to 479,000 came out and MBS bonds jumped ahead. Remember that good ...
08/05/2010
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Stock futures were indicating a lower open this morning until ADP indicated that jobs may be improving. Their accuracy has been supect in the past, however, so this may not necessarily be a harbinger of Friday's official jobs report. An ISM Services report also encouraged equity traders. The D...
08/04/2010
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Mortgage backed securities (MBS) closed down 12 basis points today closing at 102.28 below both recent highs and once again falling victim to double resistance. MBS bonds reacted to a positive ADP jobs report with a grunt and turned lower. The announcement that the Treasury will auction $74 bil...
08/04/2010
