At A Glance:
- Housing Recovery Act Signed Into Law
- ADP report says private payrolls rose 9k. Fuels slight optimism (for some) for Friday's report.
- Mortgage Applications at their lowest level since December 2000.
- Stocks like all the news, futures rise
- bonds, not so much, BUT spreads are tightening owing to some of the positive news relating specifically to mortgages (housing bill)
- currently down an eighth in YSP day over day, and fighting to hold onto it's favorite recent support level at 99-28.
LOCK GUIDE: FLOAT
- We should have plenty of time to react if a reprice for the worse is on the horizon.
- VIGILANCE: HIGH
- Almost decision time with GDP coming tomorrow and NFP on Friday. If you see something you like in terms of pricing before then, you can take that risk out of the market by locking. Whatever the case, stay tuned today as stocks and treasuries will not be good indicators.