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Daily Market Commentary

Bonds are moving modestly higher this morning as the write-down parade continues with Morgan Stanley today announcing some significant losses in the housing related markets.  Weekly MBA mortgage applications dropped to their worst level in years.  The Mortgage Bankers Association also reports that their home purchase index and refinancing index dropped precipitously as well.  This really comes as no surprise as banks are continuing to tighten their lending standards to avoid taking on more risk in the loan portfolios.


  Other than Canada's Wholesale sales dropping to 0.5% this month, there is no other data out this morning, so we will have to trade off of the treasury auction and company specific news.  This is causing it to be a light trading day, especially in the FX markets, where the CAD$ is mostly unchanged on the day.


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