http://MikesDailyMarketReport.com: Consumer Sentiment slightly improved from June to July, as it went from 98.2 to 98.4, even though forecasts were calling for higher number, 99.0. Stocks are in Positive Territory. Microsoft is a Big Winner, as they blew out their numbers! More Corporate Earnings Reports are being released. The Big news came from comments by NY Fed President Williams, whom spoke yesterday on the importance of cutting rates sooner than later. As a result, both the Stock and Bond Market rallied. Today, however, they're walking backwards and state the context of his comments yesterday were in reference to academic study and no bearing of the upcoming FOMC. As a result, he's receiving a lot of criticism. MBS is Down (currently 5bps, even though it started further down at -11bps), as a result of today's comments by a rep of Fed Williams. However, they're now above the Fibonacci level. Mortgage Rates received a Price Improvement yesterday, however, today, we're priced at the same levels as yesterday's close. Yields are sitting at 2.04% and just above it's Fibonacci level and below it's 25 DMA.
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