Daily Commentary by Larry Baer: Be increasingly vigilant with your pipeline risk management strategies. It is a very treacherous market right now, very headline driven.
The latest chapters in the unfolding euro-zone debt saga include the prospects for new government formations and promises by global financers that additional rescue funds will soon be forthcoming. How global investors interpreted these latest developments will drive their appetite for the Treasury's $16 billion 30-year bond offering on the auction block this afternoon. It is a close call - but early indications suggest demand will be decent for this debt offering. If this assessment proves accurate, look for this event to prove supportive for the prospects of steady to perhaps fractionally lower mortgage interest rates before the day is over.
The almost minute-to-minute influence of financial headlines from Europe is almost completely overshadowing U.S. economic data. Mortgage investors barely noticed this morning's data from the Labor Department indicating initial claims for government unemployment benefits posted a larger than expected decline of 10,000 during the week ended November 5th. It was the second straight week of improvement in the labor market - certainly nothing suggesting a new trend is in place - but it is a step in the right direction.
THE MARKET IS ALWAYS RIGHT! . YOU AND I ARE SOME OF THE TIME
