http://MikesDailyMarketReport.com: The NAHB Home Builders Index rose from a low of 30 in April to 37 in May. This index indicates the confidence level of Home Builders in the US on the Housing Market. Stocks are way Up this morning on news that Moderna Pharmaceuticals announced positive results for the vaccines during Phase One testing. The Fed's Chairman Powell made comments over the weekend that were very upbeat and indicated plenty of tools to help the economy. He indicated that he expects the economy to pick up later in the year, and it may be better than pre-pandemic. As a result of the good news for stocks, MBS is Down 11bps currently and sitting just above it's 50 DMA. Mortgage Rates worsened a little bit. As long as the 50 DMA holds, then we can keep floating. The Fed is expected to purchase approximately $4.5 Billion MBS today. Yields have broken above it's 25 DMA and approaching it's 50 DMA. It's currently at 0.70%.
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