Just in the last hour, sellers have entered and without the Fed in the market buying, the bears are in control.

gold-dollar-signSellers are leaning on the market, giving the fast money types little resistance since the Fed is not in today’s market.  

  • Weekly Unemployment Claims fell 44K to 610K, well below market estimates for a 655K print.  
  • Continuing Claims rose once again to a record 6.022 million.  

We don’t see this as any huge improvement on the employment front but more of an anomaly due to quarter end and spring break. 

  • March Housing Starts were also released, down 10.8% at an annual rate of 510,000 units.  
  • Building Permits fell to a record low as well.  
  • Regions across the country were mixed with the South down 16.8%, the West off 26.3%, the Northeast rose 6.3%, and the Midwest was up 15.9%.  No joy in Mudville in this report.  
  • The Philly Fed Survey was last on today’s docket, improving 5.6 points to a minus 24.4.  Once again an improvement but still contracting.  
  • For most of the day, mortgage backs had been hanging round unchanged or down 1/32nd.  Just in the last hour, sellers have entered and without the Fed in the market buying, the bears are in control. 
  • Currently, the 10 year note is off 20/32’s (yield 2.84%), mortgage backs off 7/32’s, and stocks up 30 something on the Dow.  

Just yesterday, we were talking about a good looking chart that took out and settled below 2.81%.  Goes to show you how fickle and dangerous this market is.  Turn on a dime and give you two cents change.

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