With trading volume starting to fall off a cliff, expecting the market to move much in any direction is possible but probably not in the cards. Next week will be worse.
The week ended with the terrific news that Existing Home Sales shot UP 9.4% in September to a 5.57 million annual rate. This was almost twice the increase the consensus expected and a nice boost coming off the slight drop we saw in August. Best of all, the inventory is now down to a 7.8 month supply, getting us closer and closer to the 6-month level of a normal housing market.
With most chart time frames in harmony, the future of interest rates will most likely follow the stock market’s lead. We’ll stick with our neutral call, keeping one eye on a stock chart and the other on MBS.
Monday is shaping up to be a good days for [...]
It’s been all about stocks today as earnings season (Q2) [...]
Bonds, notes and mortgage backs have rallied this morning as stocks take a breather from their 25% bear market pop
Bonds, notes and mortgage backs have rallied this morning as [...]
Meant to post this yesterday.... Doom and gloom as grabbed [...]