Good Morning,
I hope you are having a fabulous Friday. The weather is unbeleivable for July here, hope the same can be said where you are.
Mortgage Bonds have fallen to their lowest levels of the day, after a better-than-expected report on Housing Starts for June came in at a seven-month high. The past couple readings have been encouraging and may be signaling that the worst of the housing decline could be over.
In other news, a mixed bag of earnings were reported late yesterday and early this morning, including reports from General Electric, Bank of America, IBM, Google, and Citigroup. Overall, the earnings reports indicate the economic climate is still quite difficult.
Currently, Mortgage Bonds have dropped below a dual layer of support at the 25- and 200-Day Moving Averages, as the housing numbers continue to move the markets. Therefore, I recommend LOCKING at this time. I will continue to monitor the situation and keep you updated on any major developments.
In the meantime, I hope you have a great rest of your day and a fabulous weekend ahead. If there is ever anything that I can do for you, please let me know.
Friday, July 17, 2009
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