Commentary: The Greek parliament approved and implemented into law the austerity measures needed to avert (at least temporarily) a debt default. As if responding to a script -- stock prices around the world soared and credit market prices fell as the global financial marketplace breathed a sigh of relief that this immediate crisis has passed.
Mortgage investors gave news earlier this morning from the Labor Department indicating the number of Americans filing first-time claims for government unemployment assistance fell by a paltry 1,000 to 428,000 nothing more than a passing glance. It was the 12th straight week that initial claims have been above 400,000, a sign the labor market has stagnated.
Most mortgage investors will probably stick around until 10:00 a.m. ET tomorrow to get a look at the Institute of Supply Management's Manufacturing Index for May. If, as expected, the report shows the index slumped from the 53.5% mark in April to 51.9% last month look for most market participants to sneak away early to get a jump on buying sparklers and bug spray before the big three-day summer holiday formally gets underway. Before they go I suspect many traders will jot a note to themselves as a reminder to look for an opportunity to be an aggressive buyer on Tuesday or Wednesday of next week.
THE MARKET IS ALWAYS RIGHT! . YOU AND I ARE SOME OF THE TIME
