http://MikesDailyMarketReport.com: Today, we only have the Existing Home Sales on the Economic Calendar, which slowed up from 5.32 million in November to 4.99 million annualized units in December. A lot of this can be contributed to the higher interest rates, which started it's rise in October, then started it's decline in late December; also, the Government Shutdown may have played a partial role, which home buyers need certain services from the Government, which may have delayed the process. Stocks are down this morning, as the IMF reduced it's Economic Forecast from 3.7% to 3.5%; and China released Economic data that shows it's slowest pace in 30 years, as the President warns his Cabinet of the dangers of this slowdown. Also, reports show the US may formally request extradition of the Hauwei CFO from Canada, which may further complicate talks with China. Stocks are down on the Geo-Political news, as MBS is up 13bps for some relief in pricing for Mortgage Rates. Yields have dropped down to 2.75%.
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