Despite choppy action in the prior months, mortgage lending stocks are attempting to move higher. NSM had a pocket pivot in Monday's trade but had routinely violated its 50dma as well as its prior buyable gap up. Premarket, NSM is gapping up again after a strong earnings report. OCN also had a pocket pivot on Monday after reporting earnings last Thursday.
Earnings and sales for both companies are soaring. Institutional sponsorship continues to grow over many quarters.
Keep in mind the many cross currents that exist for this industry group as we have discussed in prior reports, thus the choppy market action over the prior months. Should one wish to invest in either company, position size accordingly.
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