A WORD FROM THE BOND PITS: Flows were 2-way today ahead of NFPs with volumes above average. CLOSING TECHNICAL SIGNAL: Technicals take a backseat to the looming jobs report. We are recommending short term locking, measured in two days to two weeks. MARKET WRAP: Not much movement in the Mortgage Bond markets today ahead of tomorrow mornings risk event in the Non-farm payrolls report. It is expected that employers added just 100K in October. This mornings better than expected GDP and lower claims were shrugged off by MBS traders. Within the GDP report, it showed that consumer spending rose at its lowest rate in 3 years - 1.5% - consumer spending is the main driver behind the U.S. economy. The 4% rose by 6bp to end the session at 105.06. Stocks spent most of the session underwater and fell hard at the close of trading as investors looked to take some profits ahead of tomorrow big risk event - Non farm payrolls. The Dow fell by 152.90 points to 15,593.98, the S&P closed at 1,747.15 down 23.34 points while the Nasdaq fell big down 74.61 points to end at 3,857.33. Oil was last seen at $94.23/barrel down 57 cents. Tomorrows data includes the Jobs Report (NFPS - Unemployment Rate) along with Core PCE, Personal Spending and Income along with Consumer Sentiment.
Posted on: Fri, 08 Nov 2013 00:32:27 +0000
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