Good Morning, I am traveling and do not have time to record a video. The bond market is off 20bps from yesterdays close. We failed to break through the top side of the trading range and as I mentioned yesterday, will now drift down and test the bottom. I do not see this a surprise or a sell off at this time. We are simply moving sideways in the range that has been in play for several weeks. We did get an amazingly good Jobless claims number which added to the technical pressures the market was feeling. On the flip side New home sales missed expectations by a HUGE margin. I was looking at that number earlier in the week and was surprised to see that in spite of the New Home sales growth we are still 60% below a normal market and 3x lower than we were from 2003-2008. This market has a long way to go and needs both low rates and job growth to fuel those needs. Have a great day!
Posted on: Thu, 24 Jul 2014 15:03:21 +0000
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