Tue, Nov 05 - 4:32 PM ET A WORD FROM THE BOND PITS: Volumes ran above normal today after the better than expected ISM data, which led to the sell-off. Sellers obviously outweighed buyers. CLOSING TECHNICAL SIGNAL: With the fall below both support levels of the 200 and 25-day Moving Averages and subsequent close below, we will continue to lock until we see a catalyst to push prices higher. MARKET WRAP: Mortgage Bonds drifted lower this morning and fell further after the better than expected ISM Service report renewed fears that tapering could begin easing back on its stimulus sooner. The 4% fell by 44bp to end at 104.81 and closed below the 25 and 200-day Moving Averages and at the session low. The 200-day will now become resistance tomorrow. Stocks opened lower as investors grew jittery ahead of Fridays NFP report, but cut most of their losses after the ISM Service data. The Dow fell by 20.90 points to 15,618.22, the S&P 500 closed down 4.96 points to 1,762.97 while the Nasdaq was up 3.27 points to end at 3,939.86. Oil was last seen at $93.30/barrel down $1.23. There are no major economic reports tomorrow.
Posted on: Wed, 06 Nov 2013 07:24:32 +0000