| Last | Change | Percent | |
| S&P Futures | 1641.0 | -9.0 | -0.55% |
| Eurostoxx Index | 2765.2 | -11.6 | -0.42% |
| Oil (WTI) | 93.17 | -1.1 | -1.15% |
| LIBOR | 0.273 | 0.000 | 0.00% |
| US Dollar Index (DXY) | 83.71 | -0.094 | -0.11% |
| 10 Year Govt Bond Yield | 2.01% | -0.01% | |
| Current Coupon Ginnie Mae TBA | 103.1 | 0.1 | |
| Current Coupon Fannie Mae TBA | 101.9 | 0.1 | |
| RPX Composite Real Estate Index | 200.2 | 0.3 | |
| BankRate 30 Year Fixed Rate Mortgage | 3.77 |
Markets are lower on no real news. Today will be basically a throw-away as the bond market closes at 1:00 pm and most of the Street will be on the LIE by noon. Bonds and MBS are up small
Durable Goods orders increased 3.3% in April. Ex transportation, they increased 1.3%. Good numbers. That said, the manufacturing sentiment reports out of the various Fed banks have been subdued, to say the least.
New Home Sales jumped to a seasonally adjusted annual rate of 454,000. This is 2.3% above the revised March rate and 29% above last year. The median sales price was $271,600 and the average sales price was $330,800, both big increases, indicating more activity is happening at the high end. Strangely, McMansion builder Toll Brothers' earnings report was on the weaker side compared to its competitors.
So far, the narrative regarding Bernake's statements in front of Congress has been that the Fed is considering tapering QE sometime this summer. My take is that is wrong, but we are seeing bear market behavior in bonds right now. Rallies are brief and quickly sold, while sell-offs seem to gather steam.
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