CLOSING TECHNICAL SIGNAL & MARKET WRAP
CLOSING TECHNICAL SIGNAL & MARKET WRAP by Christian Penner Mortgage Banker, Jupiter Florida
CLOSING TECHNICAL SIGNAL: The problems in Europe are far from over and technicals take a backseat. We are Floating into the Fed announcement due Wednesday at 2:15pm ET.
MARKET WRAP: The Bond markets hopped on the roller coaster today as news from Greece pushed and pulled at prices throughout the session. In addition, the lower China PMI and weaker than expected ISM Index also helped to push Bonds higher and put a dent in Stock prices. By the end of the day, Mortgage Bonds ended higher by 44bp to end the volatile trading day at 102.25. Stocks fell for the 3rd straight day on the Greek news. The Dow fell 297.05 to 11,657.96, the S&P 500 Index lost 35.02 to 1,218.28 while the Nasdaq dropped 77.45 to end at 2,606.96. Oil fell $1 to $92.19/barrel. Tomorrow's data will feature the ADP Employment report while the Fed's monetary policy statement will be released at 2:15pm ET.