Today's market news:
The FNMA 4.5% lost 38 basis points to close at $100.22 this afternoon. This is still about 300 basis points above where it was when we saw the extreme deterioration a few weeks ago.
Rates did get a little "worse" this afternoon but are still in the 5.25% range. We are in good shape.
Goldman Sachs put out good numbers today and are trading at about $47 higher than they were just 7 months ago...$149-ish/share
Oil continues to retreat and the price at the pump has retreated nationally to about $2.55 nationally. Barrel price has come down to the $59 range.
Tomorrow we will see the retail sales report which will move the market if it comes in different than expected. Retail sales can move markets by signaling a "recovery" with strong numbers...meaning we are out there spending money...or it can signal the continued decline if we are not out there spending money.
Also the Producer's Price Index or PPI is coming out. Remember that the PPI reflects pricing on a "core set of goods/services" that are needed for manufactures. Changes in the cost of those goods can indicate inflation...which can increase production costs. SO: inflation indicated at this level will hit "retail" in a few months. It is kind of like a forecast and the markets can react.
There are NO treasury auctions this week...and breaking news can have a huge effect on the markets so hang on.
Special note:
Thanks for the support from so many of you who expressed concern for my Mother. She is checking in today to begin treatment for "poorly differentiated" carcinoma after her tests came back last week. She was also diagnosed with another type of non-Hodgkin's lymphoma which is what I have been dealing with personally for several years. She is faced with aggressive cancers and will undergo aggressive treatment to eliminate the extreme pain that she has been unable to control with prescriptions or other means for the last few months.
Heavy stuff for myself and my family but we are hopeful for a positive outcome.
Have a great eve,
Chad
