Yesterday was yet another interesting day. Facebook, with bad earnings, no surprise, at a 26.39% drop end of day. Snap came in a close 2nd at a 23.60% drop. And of course Richard Branson’s, Virgin Galactic couldn’t miss ranking on such a low day and only lost 9.71%. Even the SPY took a 2.35% hit throughout the day, made it all back after-hours and in the last five minutes of after-hours trading lost it all again. Most notable up stock was T-Mobile, up 10.22% on earnings. Apparently a good Sprint gave them the Boost they needed. All three indexes were down. When is this “adjustment” going to end?

There was hope for an up February and it is still early so who knows. But when J. Powell has his next TV appearance in March, if he gets his usual ratings stocks will drop and mortgage rates will rise. How much the Fed’s first raise, whatever it is, will affect retail mortgage rates is anyone’s guess, but we are already a full .5% up or higher on rates since early January, and the Fed hasn’t touched their rate yet. Even the 10 Year Treasury hasn’t been an accurate rate gauge lately. Rates have held somewhat stable after the jump in mid-January while the 10 Year has swung from the low 1.7%s to over 1.9%.