Stock futures pointed lower this morning in anticipation of the Durable Goods report.  Durable goods are items with a functional life longer than three years.  When they came in with a 3.3% increase, however, stocks continued their downward tread.  It seems that despite Ben Bernanke's assertive comments about his intent to keep buying $85 billion of MBS bonds and Treasuries each month, the traders could not get the dissent expressed by some of the FEd Open Market Committee members out of their heads.  After circling in negative territory all day, the Dow closed up 8 points.  Go figure!

 
Posted by Jeff Jensen on 05/24/2013 02:24 PM   Comments (0)   Market Trends in the ActiveRain Channel  
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May 24th Mortgage Market Wrap-up 3
05/24/2013
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Mortgage backed securities (MBS) closed down 6 basis points at 101. 62 having bounced off support offered at the 101. 47 level and briefly popped through resistance at the 101. 75 level. This represents the fourth consecutive sell-off for MBS bonds on… more
Stocks Soar then Tumble on Fed News
05/22/2013
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Ben Bernanke certainly is a market maker. Stocks were up nicely this morning prior to Ben's remarks schedule for this afternoon at 1 PM. Ben basically said that he did not anticipate any change in his accommodative policy. In other words he plans to… more
May 22nd Mortgage Market Wrap-up 3
05/22/2013
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Mortgage backed securities (MBS) had one of the worst days I can remember today. As of now they are down a whopping 103 basis points at 101. 72. That is their lowest level of the day and their appears to be a lot more room to drop. Notwithstanding a… more
May 21st Mortgage Market Wrap-up 3
05/21/2013
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Mortgage backed securities (MBS) closed up 41 basis points today at 102. 72 having risen all the way up to touch resistance at the 102. 75 level prior to closing just below it. The fact that MBS bonds were able to bounce off support offered by the 102… more
Stocks Rise Again on Friday
05/21/2013
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Stocks Stock futures began the day somewhat higher as Consumer sentiment readings were up strongly in May. The Dow was up 64 point by 10AM and the rally was on in full force. A FED talking head said that he expected the buying of MBS bonds and… more
5/17 MBS Market Recap
05/21/2013
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MBS Market Mortgage backed securities (MBS) closed down a whopping 59 basis points today at 102. 50 having fallen through and closed below support offered at the 102. 56 level. Another large red candlestick appeared on a Friday for the third… more
Black Friday Strikes Again!
05/21/2013
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Rates For a third consecutive week rates went up o a Friday. The 30 year conforming loan was back up 3. 75% on Friday. The high balance conforming was all the way up 4. 0% again. Meanwhile the battle for jumbo mortgages goes on and as a result, those… more
Equity Markets Continue Surging Ahead
05/17/2013
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Stock futures began the day somewhat higher as Consumer sentiment readings were up strongly in May. The Dow was up 64 point by 10AM and the rally was on in full force. A FED talking head said that he expected the buying of MBS bonds and Treasuries… more
May 17th Mortgage Market Wrap-up 3
05/17/2013
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Mortgage backed securities (MBS) closed down a whopping 59 basis points today at 102. 50 having fallen through and closed below support offered at the 102. 56 level. Another large red candlestick appeared on a Friday for the third consecutive week… more