You are currently viewing Market Snapshot October 7, 2021

Market Snapshot October 7, 2021

Good Thursday AM,

Bonds are under pressure again this morning. The ten-year has broken below the critical Fibonacci 50% level. It would be great if we can get a break and close back above it. The MBS has tested (and momentarily broken) below critical support but has since bounced back. I am not sure it will stay there. We really need to stay above the previous low, otherwise the selling will accelerate and get ugly. I do not see this happening ahead of the Non-farm payroll report, unless you get some panic selling before the close. Whatever happens today will not mean much if the Payroll numbers beat or miss expectations by any sort of margin. I was never one to float through important news days. The risk is too great.

Please remain safe and healthy, make today great!