05 Dec Lock by market close today
The headline number for 3rd quarter GDP came in at 3.6%, which was above the 3% estimate. However, the majority of the increase was due to businesses holding larger inventories. In addition, consumer spending dropped from the previous reading, which results in a subdued rate of economic growth. Initial jobless claims were just under 300,000, but the lower figure is considered to be off due to the thanksgiving holiday. Stocks are down slightly, and mortgage bonds are moderately lower at the moment. Prices closed off of their lows yesterday, but are still clearly below the 100DMA, which provided support numerous times since late September. Tomorrow’s monthly jobs report is the event most traders are waiting for, so volatility could kick in before the day ends. We will suggest locking by market close today.