• Started Strong, moved weaker after jobless claims data, leveled off, fading a bit
  • From 830 to about 915, 6.0's were even day over day, now 4 ticks down to 100-22. 
  • We're most interested in 6.0's holding a level above: 100-19.  This is both the level where most lenders stopped giving additional gains yesterday, as well as 2 standard deviations above the 20 day moving average (google: bollinger bands).
  • Initial Jobless Claims stronger than expected but still over 400k (432k).
  • Although continuing claims dropped to 3.362 mil, this is still the 2nd highest all time following last month's record of 3.379mil
  • Dow futures significantly lower
  • MBS slightly weaker vs. treasuries as GSE's continue to assert they "don't need" any help from fed, a factor that got us so much of our gains yesterday.
  • BUT, all that thrown out the window as we wait for 2 more pieces of economic data at 10AM.
  • If you have 24 hour lock ability and are nervous about the potential results of our 10AM data, locking now would not be a reprimandable decision, however, yesterday may have been our indication that the "float club" is newest hang-out for the cool kids.  Stay tuned for market reaction to 10AM data.