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Dan Conley

Market watch

Wednesday, January 22, 2014 - Article by: Dan Conley - Omni Fund, Inc. - Message

It was another day of no direct news. The 10 yr fearing another taper next week backed up a little but still is in a very narrow range. Mortgage prices lower now than at 9:30 this morning, we sent a FLASH earlier suggesting locking. Technicals still hold minor positive readings but there has been no price improvement of any significance in two weeks following the soft Dec employment report on the 10th. No one actually believes the Dec report, the Fed, based on a number of comments from officials is still in the mind to taper again next week.

Tomorrow markets do get a couple of reports; weekly claims expected up 4K to 330K, claims have been hovering at the 330K to 340K range for a month. Dec existing home sales are expected to be unchanged frm Nov at 4.90 mil units (annualized). Dec leading economic indicators expected up 0.1% after increasing 0.8% in Nov. The Nov FHFA housing price index is thought to be up 0.4%.

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