Mortgage Market Report for Tuesday April 1st, 2008
Stocks, led by the financial sector, are sharply higher on the optimistic outlook. As a result, Mortgage Bonds are being sold off.
While it is difficult to say if this the last of the bad news on sub prime, for today at least the markets are celebrating it. Their thinking is the only place to go from here is up.
This news is also being taken as a sign that the damages to major banks caused by sub-prime woes and the ensuing credit crunch may be nearing an end.
Prices are down thus far, after both favorable economic news and a strong stock market. But the Bond did dip down to the floor of support and has since rebounded slightly. This level will be important to watch today, as it has acted as a firm floor for the past couple of weeks. Let's see if this floor does hold.
Thank you for listening to contactherrick.com and we will have another report for you your family your friends and your important business contacts tomorrow.
However beautiful the strategy, you should occasionally look at the results.
Sir Winston Churchill
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