Mon, Jul 22 - 5:00 PM ET A WORD FROM THE BOND PITS: Volumes were below normal to start the week and Mortgage Bonds traded in a tight range for most of the session. Selling supply was light and was easily sopped up by the Fed. CLOSING TECHNICAL SIGNAL: With Mortgage Bonds closing near the high end of the session and just above the Falling Trendline, we continue to recommend Floating. MARKET WRAP: Not much action in the capital markets today to begin the week. A weaker than expected reading from Existing Home sales, 5.08M vs the 5.28M expected and down 1.2% from May to June, helped to support prices throughout the session. Stocks had a lackluster day as they ended slightly higher. The Dow was up 1.81 points to 15,545.55, the S&P 500 rose 3.44 points to 1,695.53 while the Nasdaq was up 12.77 points to end at 3,600.39. Oil was last seen at $106.71/barrel down $1.14. There are no economic data points tomorrow. The Treasury will sell $35B 2-yr Notes, part of a total of $99B this week.
Posted on: Mon, 22 Jul 2013 23:25:30 +0000
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