The bond market had a nice close to the day yesterday up 72 bps on the day but above key level of resistance. In order to confirm that rise we needed some momentum going into today's open. Well we did not get that and we are slightly below that level of resistance for now, I guess we will see what happens.
In economics news both Housing Starts and Building Permits came in better than expected. So that poises a question:
Why are housing starts and building permits up when we already have such a high inventory of homes on the market?