Maybe it's the rain but I am feeling extra drowsy today. Coming down with a case of the Mondays is no joke. I just can't seem to shake 'em. Thank goodness we get a Monday off next week. Blaaaah....
We've seen 10am releases. Pending Home Sales beat estimates while Factory orders were essentially on the screws. Bonds rallied on the news while stocks sold from session highs. Trading volume is low across the board...
Here is a quick recap:
10:00 04Oct10 RTRS-U.S. AUGUST PENDING HOME SALES INDEX +4.3 PCT (CONSENSUS 3.0 PCT) TO 82.3 - REALTORS
10:00 04Oct10 RTRS-U.S. AUGUST PENDING HOME SALES -20.1 PCT FROM AUGUST 2009
10:00 04Oct10 RTRS-TABLE-U.S. Aug pending home sales rise 4.3 pct
10:00 04Oct10 RTRS-U.S. AUG FACTORY ORDERS -0.5 PCT (CONSENSUS -0.4 PCT) VS JULY +0.5 PCT (PREV +0.1 PCT)
10:00 04Oct10 RTRS-U.S. AUG DURABLES ORDERS REVISED TO -1.5 PCT FROM -1.3 PCT
10:00 04Oct10 RTRS-U.S. AUG NONDEFENSE CAP ORDERS EX-AIRCRAFT REVISED TO +5.1 PCT FROM +4.1 PCT
10:00 04Oct10 RTRS-U.S. AUG FACTORY ORDERS EX-TRANSPORTATION +0.9 PCT VS JULY -0.9 PCT (PREV -1.5 PCT)
10:00 04Oct10 RTRS-U.S. AUG FACTORY ORDERS EX-DEFENSE -0.5 PCT VS JULY +0.5 PCT
10:00 04Oct10 RTRS-U.S. AUG NONDURABLES ORDERS +0.3 PCT VS JULY -0.1 PCT
10:00 04Oct10 RTRS-U.S. AUG COMPUTERS/ELECTRONIC PRODUCTS ORDERS +3.7 PCT VS JULY -0.3 PCT
10:00 04Oct10 RTRS-U.S. AUG TOTAL MANUFACTURING INVENTORIES +0.1 PCT VS JULY +0.9 PCT
10:00 04Oct10 RTRS-U.S. AUG INVENTORIES/SHIPMENTS RATIO 1.27 MONTHS' WORTH VS JULY 1.26 MONTHS
10:00 04Oct10 RTRS-TABLE-U.S. Aug factory orders fell 0.5 pct
The November delivery FNCL 4.0 is +0-08 at 102-26. MBS are doing well but we're about to run into price resistance. Again this is happening in a quiet trading environment.
Loan pricing is 24.2bps better on average. Pricing is 11bps better than it was last Monday and about 20bps worse than the most aggressive rebate ever offered.
MBS prices are moving higher as stocks tick deeper into the red. If your lender was a little lite on the rebate this AM...you might see reprices for the better.