The market is back to its old tricks, trading on money flows, concern, and anxiety. Forget the fundamentals and chart work, this baby moves where ever it wants to. Traders refer to this as being only a good (making correct calls) as the last tic! Currently, the 10 year note is up 15/32’s, trading at a yield of 3.71%. Mortgage backs are plus 4/32’s on the day. All of this in the face of 37 billion dollars of 3 year note supply. This is completely against conventional wisdom. Stocks feeling the second day of pinch, down 75 points on the big board.
Traders refer to this as being only a good (making correct calls) as the last tic!
August 11, 2009|Austin Mortgage Market|
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