Daily Commentary by Larry Baer: Mortgage investors generally shrugged off this
morning's economic news.
The Labor Department reported the number of
Americans filing first-time claims for jobless benefits edged modestly higher
last week. Initial claims for state
unemployment benefits rose 2,000 to a seasonally adjusted 366,000 during the
week ended August 11th.
Other data from the Commerce Department
showed groundbreaking on new homes fell in July while permits for future
construction posted a solid gain.
Housing starts dropped 1.1% last month while new permits for future
building rose 6.8%, its highest mark since August 2008.
Most credit market participants were quick to
dismiss both reports as little more than statistical background noise.
Be patient - be disciplined - and play it by
the numbers outlined above.
THE
MARKET IS ALWAYS RIGHT! . YOU AND I ARE SOME OF THE TIME
