So, on top of a morning that brought us Initial Unemployment Claims that were 31,000 higher than expected (496,000 vs. 465,000), we then received more great (lol) news on MMT’s proprietary News Server.  This News Server is incredible; we get new news instantly.  Sandra Pianalto, the chief executive of the Cleveland Reserve Bank, stated that the “mortgage modification process has been more difficult than anticipated.”  After we recovered from peals of laughter, since any mortgage professional worth his or her salt could have told anyone who was listening two years ago that modifications were not going to get done at the level for which the Fed was pushing, we saw the futures market immediately take a 5 point plunge on that news.  We sold short.  Again, news doesn’t need to be happy for it to benefit Market Mover Traders!  The MMT News Server is a fabulous tool and my favorite in our MMT arsenal.

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