Market Comment
Problems in Europe continue to dominate the headlines and influence global markets, as skepticism of Greek austerity measures pressured Stocks lower and weakened the Euro.
In US news, Retail Sales for April doubled expectations and marked the seventh consecutive monthly increase. In addition, Consumer Sentiment, Industrial Production and Capacity Utilization were reported in line with expectations. However, with the uncertainty in Europe driving the trading activity, the news did little to influence the markets.
Overall, Mortgage Backed Securities are starting the day sharply higher, but will still need to contend with strong ceilings of resistance. I recommend floating for now, as I continue to monitor the situation for you.
Leonard Winslow, New American Mortgage, Charlottesville
NMLS # 265272
434-760-2580 (cell)
leonard.winslow@newamerican.com
www.newamerican.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112
In US news, Retail Sales for April doubled expectations and marked the seventh consecutive monthly increase. In addition, Consumer Sentiment, Industrial Production and Capacity Utilization were reported in line with expectations. However, with the uncertainty in Europe driving the trading activity, the news did little to influence the markets.
Overall, Mortgage Backed Securities are starting the day sharply higher, but will still need to contend with strong ceilings of resistance. I recommend floating for now, as I continue to monitor the situation for you.
Leonard Winslow, New American Mortgage, Charlottesville
NMLS # 265272
434-760-2580 (cell)
leonard.winslow@newamerican.com
www.newamerican.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112
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