http://MikesDailyMarketReport.com: This week's Initial Jobless Claims rose from last week's revised number (from 209k) of 208k to this week's of 216k. This week's number is important, as it will be used by the BLS with their Jobs numbers for July. This will be released Aug. 2nd. Manufacturing rebounded, "Big Time", in the Philadelphia region, as the Philly Fed jumped Up from being near contraction in June, at 0.3 to 21.8 in July, which is the highest number for this year. Also, Leading Indicators show the economy beginning to slow down to -0.3% in June. These numbers are usually good outlook for the economy in about 6 months. Stocks are in Negative Territory this morning. More Earnings Reports are being released. Some of the Big Names mentioned were United Health and Netflix. Netflix lost 126k subscriptions in the US last month. Steven Mnuchin tries to calm Investors perception on the US' Trade Talk with China, that it's still ongoing. MBS had a good rally yesterday and closed right at the Fibonacci level, which is our Ceiling of Resistance. We've been testing it since early June. We're sitting between it's 25 DMA and Fibonacci level. Mortgage Rates remained Unchanged after yesterday's improvement, as they're just down about 2bps. Yields fell down to it's 25 DMA and are sitting on this Floor of Support, which is at 2.07%.
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