Today's Market Update
Tim Tebow just had his introductory press conference. The last time a replacement made this much noise was when Gary Cherone was the lead singer for Van Halen. Mortgages doing better as traditional buyers have been actively buying lower coupons and supply has been light from originators. Bernanke was getting dovish on the tape this morning discounting the better economic data. Other than Bernanke, a really quiet day. Tomorrow we get consumer confidence and Case-Shiller home prices. I still think we see rates do better in the near term and I’m targeting 2.12 to 2.17 as an objective on the 10 yr. Right now, Fannie 3.5s up 4 on the day to 102-18. Stocks putting in a good day as well with the DOW and NASDAQ up 141 and 49 points, respectively.