Market Update January 2nd

Dated: 01/02/2016

Views: 374

Market Matters
 

MARKET RATES

Mortgage Rate Movement

MOMENTS IN HISTORY

December 27, 1927 – Show Boat, considered to be the first true American musical play, opens at the Ziegfeld Theatre on Broadway.
December 28, 1912 – The first municipally owned streetcars take to the streets in San Francisco.
December 29, 1955 – Barbara Streisand makes her first recording at age 13, "You’ll Never Know."
December 30, 1963 – The game show "Let's Make A Deal" debuts on NBC-TV.
December 31, 1955 – General Motors becomes the first U.S. corporation to make over $1 billion in a year.
January 1, 1983 – The ARPANET officially changes to using the Internet Protocol, creating the Internet.
January 2, 1974 – President Nixon imposes the 55 MPH speed limit in response to oil price spikes and supply disruptions during the 1973 oil crisis.

Source: DatesInHistory.com, HistoryOrb.com, Wikipedia.org, History.com, & On-This-Day.com

 
 

THE WEEK IN REVIEW

Initial jobless claims for the week ending December 26th rose by 20k, from 267k to 287k. The number, although much higher than expected, is taken with a grain of salt as the data is based off the holiday-shortened week. The 4-week moving average has now risen from 259k back in October, to 277k, as claims have now averaged around 278k for all of 2015. 

Treasuries got a little help to end the week, as global equities fell. Technically, the 10yr has bounced around in the upper part of the recent range while short-term studies have held a bearish bias. The one thing we do like is that the bears have not been able to build on that bias and 10yr yields look to finish the year out under the 2.30 handle. Levels to watch for on the 10yr - Support lies at ~2.30, while resistance is best around ~2.22%. That will be the range to watch for in the coming days. Happy New Year!

UPCOMING MARKET DATA

January 4 – PMI Mfg Index
January 4 – ISM Mfg Index
January 4 – Construction Spending
January 5 – Motor Vehicle Sales
January 6 – MBA Mortgage Applications
January 6 – ADP Employment Report
January 6 – International Trade
January 6 – Factory Orders
January 6 – ISM Non-Mfg Index
January 6 – FOMC Minutes
January 7 – Jobless Claims
January 7 – Employment Situation
 

CALL TODAY TO DISCUSS THIS WEEK'S MARKET TRENDS.


Jason Kaiman
Production Manager
Direct: 515.418.9608     Mobile: 515.205.5244 
jkaiman@primelending.com
lo.primelending.com/jkaiman
NMLS: 406027

PrimeLending
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