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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
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* If the dots don't connect, gather more dots until they do...or, just follow the $$$...





* Wed. Feb. 21 @ 2:00 pm ET - FOMC Meeting Minutes
* Wed. March 6 @ 2:00 pm ET - Beige Book Report
* Fri. March 8 @ 8:30 am ET - Employment Data
* Wed. March 20 @ 2:00 pm ET - FOMC Rate Announcement + Forecasts and @ 2:30 pm ET - Fed Chair Press Conference

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Wednesday, May 22, 2013

"Mortgage Rates are Suddenly Soaring"

Data released today (Wednesday) shows that "mortgage rates are suddenly soaring and are pulling down mortgage activity."

This kind of loan rate rise was something to which I alluded in my post of May 7th. Perhaps this is why we saw a rise in Mortgage Delinquencies on May 9th.

We'll see if rates stay elevated if "tapering in stimulus" is NOT mentioned as an imminent proposal in Ben Bernanke's speech/testimony today.

***UPDATE: No mention in Bernanke's speech about imminent tapering (it will be dependent upon economic data that the FOMC reviews at each meeting, according to him). So, the big question now becomes, "Will Banks lower mortgage rates?" Don't hold your breath. And, my last question is, "Will TV commentators stop talking and guesstimating about such a scenario anytime soon?" Don't hold your breath.

We'll see if the Homebuilders ETF (XHB) continues to soar or begins to pull back. A drop and hold below immediate support at the 61.8% Fibonacci retracement level of 31.81 and, subsequently 30.00, could trigger a decline to the lower Bollinger Band, or lower, as shown on the following Weekly chart...one to watch.