Hey There!

Good day in the bond market as the FNMA 4.5% bond picked up 41 basis points today. WE are in that 5% range for the 30 year fixed mortgages and have broken above the "moving average" so hopefully we will gain some traction here. However, watch for sell-off as we head into tomorrow's session. The Bond has proven profitable for those who have been holding onto it for the last few weeks and they may choose to preserve that profit by selling out.

Todays t-note auction was rated an A+ and the great reception of the 30 year notes that were offered really added some confidence to investors. This indicates that there is money out there looking for a long-term home.

Oil was about even on the day up just slightly. However: as I mentioned a few entries ago: we will likely see the price of crude drop somewhat as summer travel season is over.

Dow was UP 80 points!

The "initial unemployment" claims report came in better than expected showing (only) 550,000 or so people putting in their initial claim for unemployment last week. Yikes...

Have a great eve!

Chad