Housing numbers didn’t impress anyone

The 10 year note is up 15/32’s (yield 3.33%), MBS on the 4.50% coupon up 5/32’s, and stocks down 75 points on the Dow.  Interesting equity markets as a number of earnings reports hit the screen early today with strong results.  Apple blew the doors off with earnings at $1.82 per share.  PPI posted better than expected numbers and certainly takes the Fed off the inflation hook.  Housing numbers didn’t impress anyone.  We’ll stick with our neutral market call while leaning towards the bullish camp.

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