Thu, Jul 25 - 5:02 PM ET A WORD FROM THE BOND PITS: Buyers emerged soon after the auction on favorable technicals on lower prices and higher yields. Supply was modestly elevated and volumes were near normal levels. CLOSING TECHNICAL SIGNAL: MBS close at session highs and made a sharp reversal higher today. MARKET WRAP: Mortgage Bonds continued to experience big swings today pushed lower this morning by a surge in Durable Orders and the pending $29B 7-yr Note auction. But after the 1:00pm auction, Bonds began to rise as the supply is behind us and there are no Note auctions next week. The 3.5% coupon rose by 16bp to end the session at 100.78. Stocks spent the day flat to slightly higher - the Dow was up 13.37 points to 15,555.61, the S&P 500 rose by 4.31 points to 1,690.25 while the Nasdaq was up 25.59 points to 3,605.19. Oil was last seen at $105.69/barrel up 31 cents. The only economic data point tomorrow is Consumer Sentiment.
Posted on: Thu, 25 Jul 2013 21:04:26 +0000
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