What’s Cookin’? November 25, 2013 …A good old fashioned rally in the bond market that’s what. Prices in the bond market improved this morning after the Dallas Fed Manufacturing Index came in at 1.9, much lower than economists had forecasted. However, the gain was erased before rates could be improved; rates closed flat at Friday’s levels. Pending Home Sales fell .6 percent in October to the lowest level since December. Maybe they forgot to defrost that data point first. This is an important index because the U.S. Central Bank has pegged the housing market as a channel to boost economic growth and job creation. Economic data continued to add some spice to the market when the Preliminary Purchasing Managers Index showed activity in the services sector rebounded in early November. This could mean the economy is maintaining momentum. Early November mortgage purchase applications increased in the middle of the month, suggesting application volume could outpace forecasts. Nothing like a well seasoned data point to close the day. The week ahead is short, but packed with economic news. Housing data will dominate the headlines this week with a few other pieces of economic data sprinkled in. See you tomorrow.