http://MikesDailyMarketReport.com: We only have 1 economic piece to report, which is New Home Sales for the Month of July. In June, we had 728k annualized units sold; however, in July, it dropped to 635k. Very disappointing! That's nearly a 100k drop in 1 month. Stocks are trading in Negative Territory so far this morning, but off from earlier lows. The morning started off with China announcing new Tariffs of 5% and 10% of $75 Billion US Imports starting on Sept. 1st and December 15th in retailiation to the US announcement a few months ago. Fed Chair Powell spoke today in Jackson Hole, WY, which he indicated that there will be another Rate Cut in Sept. 17-18 meeting, as he also indicated a weakening economy. MBS is Up 14bps, so Mortgage Rates are better today and are priced where we were around Tuesday's pricing. Yields had closed above it's Ceiling of Resistance yesterday, but it falling today (below it) and is currently sitting around 1.56%.
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