Good Morning on this Terrific Thursday,
Bonds are strong this morning with the MBS breaking above resistance and resuming the upward trend. The 10-yr at .60. The focus driving bonds was yet another horrific Jobless Claims report with another 1.3 million new people out of work. This is the first jobs report that market seems to care about in a long time. We did also get some good news on the economy with retail sales, Philly Fed and NAHB housing all coming in better than expected. The equity markets doing everything they can to try and not rollover although they are leaking. The market has been so crazy-resilient that I do not trust it will be a down for long. I continue to beat the same drum that we are overdue for a correction and I expect it will happen soon. The trend is (currently) our friend so let’s ride it until we get bucked. By the way, we could get bucked in a moment’s time so stay alert.
Twitter was hacked by Russian’s posting a send money request to a crypto account. Accounts hacked were Barack Obama, Apple, Joe Biden, Elon Musk, Bill Gates, etc. I guess this stuff can happen but c’mon now. If you’re a tech company, shouldn’t you have a core competency in security?
What about loans which are not backed by Fannie, Freddie, FHA, VA or USDA but borrowers still need help and forbearance options? Great question to ask. CNBC shared a great table on forbearance and deferment options banks are offering for these portfolio loans. Of course the advice is to consult with your servicer directly to discuss available options.
Please remain safe and stay healthy, make today great.