Today brings us the release of 1 economic report, existing home sales. Economists where expecting sales to drop from a 5 million yearly pace to 4.95 million, the number came in at 4.91 million. Traders appear not to care.
The big news for today will be the contined testimony(sales pitch) from Big Ben Bernanke and Sec. Paulson. They are on Capital Hill attempting to get the $700 billion dollar rescue plan passed. This bill does appear to be on track to pass, just a matter of the final details. We are keeping a close eye on the testimony and will be back to report any big headline. Also in relevant news is Warren Buffett who just invested $5 billion dollars in Goldman Sachs. This shows that he is confident in our financial system, so much that he is willing to risk a lot of money. This news is being taken as a positive, but all things will take a back seat to the testimony today. Until this rescue plan gets passed, it is likely for mbs to continue their sideways movement.