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 continue buying both Mortgage Backed Securities and Treasuries until the economy and the job market show more improvement.  This had the typical effect of stocks rallying and bonds selling off.  When the Fed Open Market Committee minutes gave out, however, they showed divisiveness which caused doubt in the marketplace and the Dow lost all its gains and closed down 80 points on the day.

 
Posted by Jeff Jensen on 05/22/2013 01:30 PM   Comments (0)   Market Trends in the ActiveRain Channel  
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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
Stock StumbleToward End of Session
05/16/2013
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Stock futures opened slightly higher today as commodities like oil and gold were at recent lows. Liquid gold, better known as north Sea crude was selling at $83. per barrel today and gold itself was trading at $1, 375 an ounce. Inflation remained… more
May 16th Mortgage Market Wrap-up 3
05/16/2013
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Mortgage backed securities (MBS) closed up 44 basis points today at 103. 09 having fallen down to test support offered by the close at 102. 56 prior to rallying later in the day and breaking through resistance levels offered by the close of 102. 88 and… more