Mon, Jul 20 2009, 2:28 PM
"Market Profile is a graphical organization of price and time information. Market Profile displays price on the vertical axis and time on the horizont...
Mon, Jul 20 2009, 1:25 PM
Since 1pm, the 10yr Tsy yield has fallen appreciably to test Friday's intraday lows at 3.59. Though the drop coincides with the completion of the 3 m...
Fri, Jul 17 2009, 12:52 PM
Bill Berliner's views on a number of issues, including 1) a story that homeowners accepting modifications are seeing a substantial drop in their credi...
Fri, Jul 17 2009, 12:43 PM
Mortgage backed securities managed to stabilize yesterday
and recapture most of the losses over the previous couple of
days. This improvement ...
Fri, Jul 17 2009, 11:47 AM
Markets are in the red on Friday as investors snatch profits after four days of rapid gains. Earnings reports from Citigroup and Bank of America were ...
Fri, Jul 17 2009, 10:02 AM
Although FN 4.5 prices were able to hold steady for a moment, the extent to which the market shifted its sentiment (volume spike) forced traders to ad...
Fri, Jul 17 2009, 9:33 AM
A housing construction report indicated higher levels of activity than the range of forecasts, but that had more to do with revisions to the previous ...
Fri, Jul 17 2009, 8:41 AM
At the open the 10 yr is bouncing around between 3.53 and 3.57. Although it has been a slow start to the trading session, we are seeing some signs of ...
Fri, Jul 17 2009, 5:17 PM
More Thoughts On Recent Market Dynamics In A Nutshell
This week saw what looked like a massive correction for MBS which turned out simply to be a t...
Fri, Jul 17 2009, 2:45 PM
Interesting happenings going on in MBS market today. The yield curve is noticeably steeper, which would usually force "rate sheet influential" MBS inv...
Thu, Jul 16 2009, 12:19 PM
Stocks were trading lower in the first hour of trading on Thursday but relative to the 6.1% gain seen in the first three days of the week, the sell-of...
Thu, Jul 16 2009, 10:47 AM
Traders have pushed the 10 yr TSY note back to yesterday's 830AM (pre data) yields indicating the market is looking to test the strength of yesterday'...
Thu, Jul 16 2009, 10:40 AM
As the unemployment rate approaches double-digits, almost two million homes received foreclosure filings in the first half of 2009, 15% more than in t...
Thu, Jul 16 2009, 8:28 AM
Yesterday's Recap
* Snowball Selling
* All Data unfriendly, higher than expected CPI leads the charge
* lost almost a full point in 4...
Thu, Jul 16 2009, 6:00 PM
we'll skip the more detailed enumeration of tomorrow's potentialities and the beautiful beautiful charts I know you're all so fond of, so that some ad...
Thu, Jul 16 2009, 4:31 PM
Not much to report in MBSland. FN 4.5 prices went sideways in the second half of the session...RANGE BOUND. On the bright side, as the 10 yr TSY yield...
Thu, Jul 16 2009, 4:12 PM
MGIC Investment Corp., a major provider of Private Mortgage Insurance, announced nearly $340 million in losses for the second quarter. The company al...
Thu, Jul 16 2009, 4:09 PM
According to Freddie Mac's weekly survey, mortgage rates drifted down for the third consecutive week although they remain well above the record lows e...
Thu, Jul 16 2009, 4:02 PM
The Federal Reserve today reported on their weekly purchases of agency mortgage-backed securities (MBS). In the five trading days between July 9 and J...
Thu, Jul 16 2009, 1:38 PM
Into the afternoon, MBS have continued in a reasonably tight range of gains with the 4.5 now reaching up near 99-20, an 18 tick recovery from yestered...
Thu, Jul 16 2009, 1:11 PM
Mortgage rates took another step higher yesterday following a 3% rally in the stock market. Tame inflation and “not as bad” industrial production numb...
Wed, Jul 15 2009, 12:38 PM
Mortgage backed securities had another losing day yesterday moving lower in price by .375 in discount. Many lenders did reprice for the worse as the ...
Wed, Jul 15 2009, 12:36 PM
Freddie Mac made several "Best Practices" recommendations for selecting appraisers and reviewing their products. One of these contained the statement...
Wed, Jul 15 2009, 12:18 PM
REPRICES FOR WORSE LIKELY AS S&P MAKES NEW INTRADAY HIGHS AND YIELD CURVE STEEPENS. CURRENTLY 10 YR YIELD AT 3.58% AND FN 4.5 AT 99-08. THIS IS WELL B...
Wed, Jul 15 2009, 11:51 AM
If the first hour of trading is any guide, markets will see their third day of gains this week following two weeks of declines. And stocks aren’t just...
Wed, Jul 15 2009, 10:35 AM
The bond market is definitely in defensive mode as equities blasted through several technical resistance levels this morning. Consequently there was s...
Wed, Jul 15 2009, 8:46 AM
A major drop in mortgage rates helped demand for loans move up yet again, including a surge of refinance activity.
The Market Composite Index ― a w...
Wed, Jul 15 2009, 8:30 AM
June CPI
* Headline CPI = +0.7% (consensus = +0.6%)
* CORE CPI (excludes food/energy) = +0.2% (consensus = +0.1%)
* Year over year st...
Wed, Jul 15 2009, 5:43 PM
Fixed Income exhibited real weakness today. Benchmark yields were higher, volatility ticked up again, "rate sheet influential MBS" prices fell 23 tick...
Wed, Jul 15 2009, 4:07 PM
Bullet Points
* 2's/10's, steeper, 2.603
* Late stock strength pushing bonds lower.
* MBS and treasuries book close at 3pm hangs on t...
Wed, Jul 15 2009, 1:19 PM
Today's unwelcome (but not entirely mystifying) selling has subsided for a moment as several markets ping some top tier technical price levels...
M...
Tue, Jul 14 2009, 12:54 PM
After spending the majority of the session in a stable range yesterday, prices of mortgage backed securities lost their steadiness and ticked lower h...
Tue, Jul 14 2009, 11:52 AM
The main events of the morning were soaring producer prices, a better-than-expected retail sales report (driven, however, by fuel costs), slipping bus...
Tue, Jul 14 2009, 10:30 AM
In MBS world volume is apathetic at best. Yield spreads are slightly wider as the FN 4.5 is feeling the effects of a steeper yield curve and higher o...
Tue, Jul 14 2009, 8:26 AM
Last Session Recap
* lost some on limited data
* stock rally hurt tsy's
* tsy spending gave pause
* earning's season buzz mounti...
Tue, Jul 14 2009, 5:47 PM
If it seems that each new day brings a new fork in the road for MBS prices that reflects the theme of "waiting for guidance." As discussed, the recon...
Tue, Jul 14 2009, 3:36 PM
Interest rate option volatility has increased a few bps this afternoon...leading to lower TSY note prices and higher benchmark interest rates (some pr...
Tue, Jul 14 2009, 1:03 PM
The range of MBS prices continues to moderate with lower highs and higher lows. Whether you want to call this a triangle or a wedge or a wedgy triang...
Mon, Jul 13 2009, 12:59 PM
Last week, progress was made in the mortgage market as Treasuries rallied and prices of mortgage backed securities moved higher. By week's end "rate s...
Mon, Jul 13 2009, 12:59 PM
OH NO...stocks are rallying!!!!!Since stocks are trading higher on the day you would expect Treasuries and MBS to be selling off right? Nope. Not Happ...
Mon, Jul 13 2009, 12:08 PM
The Nasdaq dropped an entire percentage point in early trading but 90 minutes into the session all three major indexes have rebounded into positive te...
Mon, Jul 13 2009, 10:37 AM
The FN 4.5 was choppy early on in the session, but has since found a range and is now taking directional guidance from the gyrations of the yield curv...
Mon, Jul 13 2009, 7:53 AM
Risk Aversion consumed the marketplace this week. Treasury yields fell as stocks weakened. The price of oil plummeted and the dollar lost ground on se...
Mon, Jul 13 2009, 5:11 PM
This morning kicked off with everyone's favorite equities analyst Meredith Whitney out with some bullish comments on earnings. This set a positive to...
Mon, Jul 13 2009, 3:19 PM
Lenders that haven't already reprice for the worse may now be inclined to do so as we are at the lowest point of the last two sessions by a decent mar...
Mon, Jul 13 2009, 2:40 PM
Rate sheet influential MBS have been jolted from their range by a higher stock indices and a rise in benchmark yields. The FN 4.5 has fallen to 100-10...
Fri, Jul 10 2009, 12:54 PM
Price of "rate sheet influential" mortgage backed securities lost some ground yesterday following tepid demand at the 30 yr bond auction. More than an...
Fri, Jul 10 2009, 12:46 PM
Suddenly, nominal profit taking accelerated to the lows of the day... When "lows of the day" occur, there is always a chance that lenders will repric...
Fri, Jul 10 2009, 11:15 AM
The 10 yr is at its lowest point since late May! Our bullish bias is strengthening as the recovery rally we discussed yesterday afternoon has ensued, ...
Fri, Jul 10 2009, 8:36 AM
Prices of "rate sheet influential" MBS coupons are moving higher this morning following an overnight rally in the Treasury market. Stock futures indic...
