At 8:00 this morning the 10 +7/32, mtgs +4/32 and the DJIA -28; at 8:35 the 10 yr +14/32, mtgs +8/32 and the DJIA -21 points. At 9:00 +15/32 on the 10, +7/32 on mortgages and -40 for the DJIA. At 9:30 the DJIA opened -10, 10 yr +14/32 and mortgages +6/32.
Like a Rock; 3.50% on the 10 yr note is where the rubber meets the road. It has been tested all through this week and has held; closed above it on Monday but no follow-through on Tuesday, closed at it yesterday but opened lower this morning. Mortgages are also testing key technical levels and like the 10 yr note continue to hold. The cup half full, or half empty? Hard to say but until the 10 can break first level of resistance at 3.38% (40 day MA), the market is at best neutral but still with bearish technicals.
Sept personal income and spending hit at 8:30; income unchanged and spending -0.5%; both right on forecasts. Yr/yr income +1.5%, the lowest increase on record. A little bounce in the bond and mortgage markets, however not much.
At 9:45 the Oct Chicago purchasing mgrs index, expected at 48.7 frm 46.1 in Sept, jumped to 54.2; new orders jumped to 61.4 frm 46.3 in Sept but employment declined to 38.3 frm 38.8. The initial reaction was somewhat a surprise; the stock market took a hit and the rate markets improved; normally better data would act the other way.
At 9:55 the U. of Michigan consumer sentiment index, markets were looking for 70.0 frm 69.4, the index at 70.6 slightly better; the one yr outlook however declined to 81 frm 88.
Market Minute information for October 30, 2009 provided by:
 Patsy Bailey Mortgage Banker |
 4801 Lang Ave NE Suite 100 Albuquerque, NM 87109 4001 Office Court Ste 603 Sante Fe, NM 87507 Cell: 505.715.3231 Office: 505.473.4045 ext.109 E-mail: patsybailey13@gmail.com |
Equal Housing Opportunity
For more information on home financing, visit my Albuquerque Mortgage Page.
Ashley Drake Gephart |
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