|This email was sent to you by:|
Tonya W. Kenon |
Mortgage News Daily
Email alerts, such as this one, are a free service
provided by Mortgage News Daily. If you would like to receive an alert when important news breaks
please register to join our community
Range Fights For Survival After Data; ISM May Decide
Posted to: Micro News
Thursday, September 05, 2013 9:48 AM
Fannie 4.0s are fighting to hold on to the 102-00 support level that was briefly pieced just ahead of the 9:30am opening bell for stocks. We're currently back up to 102-04 and Treasuries have held their 3rd supportive ceiling of the morning around 2.95.
It's important to note that the initial rally that took place following ADP and Jobless Claims numbers (saw 10's move from 2.95 to 2.915, and Fannie 4.0s from 102 to 102-07) was not actually a rally, but very profitable short covering and consolidation after overnight weakness and bond-negative economic data.
Additionally, we should expect bigger-than-average swings in MBS to be the norm through tomorrow. At this point in the morning, bond markets are waiting for ISM Non-Manufacturing data before making their next noticeable move. It should be relatively well-contained in the big picture, but could push new price lows if the data is stronger-than expected.
More from MND:
If you would like to opt-out of receiving email forwards from this person please click here to remove your email address.