Good Morning … Yesterday’s economic news provided about as - TopicsExpress

Good Morning … Yesterday’s economic news provided about as much value as Bill Belichick speaking at an NFL press conference. It was a very quiet day with no major releases. However, today will be a different story with several economic releases scheduled. On the deck are durable goods which will be released at 8:30 am EST, followed by new home sales and the Richmond Fed’s manufacturing survey which will both be released at 10:00 am EST. On Monday, mortgages were a half a tick (.5/32) tighter to swaps (outperform) with origination supply coming in at ~$2.1 billion for the day. At the open, treasury prices looked to be in the positive as the results of the Greece election started a flight to safety in the market. However, prices faded after the U.S delayed its auction of $26 billion in securities until Wednesday as a major snowstorm was predicted to slam the east coast. For the day, benchmark 10-year notes were down 3 ticks to yield 1.83 pct, while 30-year bonds dropped 5 ticks, pushing yields to 2.336 pct. MBS pretty much followed the same path as treasuries, the FN 30 year 3.0s in February fell -5+ ticks (102-18+), PC 30 year 3.0s in February dropped 5+ ticks (102-11) and GN 30 year 3.0s closed down 3 ticks (103-04). The Gold/FN spreads were unchanged in the 3.0% space and a tick (Fannie’s favor) in the 3.5% coupon. After Monday’s closing bell, equities were pretty much flat for the day. Stocks got some help from the energy and biotech sectors and were able to just barely finish in the positive at the close. The Dow rose 5.88 points, or 0.03 pct, to 17,678.48, the S&P 500 gained 5.16 points, or 0.25 pct, to 2,056.98 and the Nasdaq added 13.88 points, or 0.29 pct, to 4,771.76. It looks like stocks will be headed downward at the open after the market had a chance to digest some weaker than expected earnings report from Microsoft, DuPont and Pfizer. This morning, stock future have the Dow at -155, the S&P at -12, and the Nasdaq at -30.

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