Posted To: MBS Commentary
Thursday Curse Broken. NFP Friday Thursdays have been almost universally bad in 2021–a point that was driven home when last week’s example looked like it had a chance to break the trend. We didn’t expect much this time around and are thus walking away pleasantly surprised. There were no obvious market movers driving the gains (in fact, if anything, all-time highs in stocks and the best ISM Manufacturing report since 1983 argue the opposite), which could be a good thing as it speaks to the potential for an underlying shift in momentum. Unfortunately, it could also speak to a paring of trading positions ahead of a half-day where liquidity is expected to be more of a challenge. As such, when it comes to confirming today’s apparently good vibes, the jury is out until early next week…(read more)
