Positive Rocket news for the day, quickly listed:
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Mr Cooper (COOP), merging with RKT, maintained and received stable RMBS servicer ratings from Fitch. (Residential Mortgage-Backed Securities)
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Existing home sales rose slightly above expectations (expected 3.96M, actual 4.03M):
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Iran’s retaliatory strike was warned about in advance, and oil prices immediately fell after the strike, boosting indices, and sharply falling oil prices again lowered inflation risk. Trump also pushed oil prices down with several different messages during the day. Lower oil prices curb inflation, which could potentially lead to faster interest rate cuts.
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The technical support level area of $14.00-$14.14 was backtested, and from there, the stock bounced to the day’s highs of $14.69, where it also closed with good volume. The MA200 has been broken and stayed above it for a couple of days. Over 40% of the shares are still shorted. A squeeze is possible, good luck shorts.
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Currently, 81.1% expect an interest rate cut in September. Previously hawkish Fed Gov Bowman today turned to consider faster rate cuts (even in July? expectation for a July cut this morning was 22.7%).