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Market Commentary

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Market Commentary


Monday
November 24, 2014
10-YEAR NOTES   99-07 (-06)
2.336%
FN 3.5% COUPON   103-17 (-03)
SUPPORT   2.42%
RESISTANCE   2.00%
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We have a lot of data crammed into this short week with a half day on Friday and a closed market on Thursday. This week we get data on house prices, manufacturing, durable goods, income/spending and GDP. The Markit PMI services index posted well over breakeven at 58.9 in September vs. 58.5 at mid-month and 59.5 in final August, and consensus for the first November release is for a slight dip to 57.3. This morning the Treasury will auction $28 Billion in new 2-Year notes at 10:00 AM (PST). Treasuries are down for the first time in three days ahead of today’s 2-Year note auction and tomorrow’s GDP print, and the curve has bear steepened with 2s10s up +0.5 bps

This Week's Events:

DATE EVENTS TIME (PST) PERIOD SURVEY ACTUAL PRIOR REVISED
11/24 Markit US Services PMI 06:45 November P 57.3 - 57.1 -
11/24 Dallas Fed Manuf. Activity 07:30 November 9.0 - 10.5 -
11/25 GDP Annualize QoQ 05:30 3Q S 3.3% - 3.5% -
11/25 GDP Price Index 05:30 3Q S 1.3% - 1.3% -
11/25 FHFA House Price Index MoM 06:00 September 0.4% - 0.5% -
11/25 CaseShiller House Price Index YoY 06:00 September - - 5.10% -
11/25 CaseShiller House Price Index NSA 06:00 September - - 167.68 -
11/25 Consumer Confidence Index 07:00 November 96.0 - 94.5 -
11/25 Richmond Fed Manuf. Index 07:00 November 16 - 20  
11/26 MBA Mortgage Applications 04:00 November 21 - - 4.9% -
11/26 Durable Goods Orders 05:30 October -0.6% - -1.3% -1.1%
11/26 Initial Jobless Claims 05:30 November 22 288K - 291K -
11/26 Continuing Claims 05:30 November 15 2350K - 2330K -
11/26 Personal Income 05:30 October 0.4% - 0.2% -
11/26 Personal Spending 05:30 October 0.3% - -0.2% -
11/26 New Home Sales 07:00 October 471K - 467K -
11/26 New Home Sales MoM 07:00 October 0.8% - 0.2% -
11/27 MARKET CLOSED - - - - - -
11/28 NA - - - - - -

 

 

 
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