Greg's mortgage update and wine tips

Good afternoon,

A volatile week, more so than we have had in a while.

The MBS broker through the 200 day moving average (not in a good way) and dropped to some heavy technical resistance. Then bounced for a couple days getting back about half the losses.

Then today it tanked again and fell 59 bps back the same technical resistance.

 

The Dow has been equally volatile and closed at 15,354 up from last week’s 15,118. That’s another new high.

The 10 year treasury closed at 1.95%, up from last week’s 1.90% and a two month high.

The dollar had a good week and closed at $1.27/Euro, a three month low. CNBC yesterday called the dollar the tallest midget in the room. There are various stories going around about how central banks are all competing to devalue their currencies to improve their exports, and the various side effects that has.

 

The attached rates are up or flat, with a couple down.

 

 

Wine

2008 Saint Roch "Chimeres" Côtes du Roussillon Villages (Previously $15) ($11.99 @ K&L Wines)

 

91 points Robert Parker's Wine Advocate: "Chateau Saint Roch's 2008 Cotes du Roussillon Chimeres brims with ripe cherry fruit, although - surprisingly - it is a bit warmer even than the 2009. Polished in texture and glycerin-rich, the notes of cherry pit and iodine in the long finish of this Syrah-Grenache-Carignan blend add stimulating interest and counterpoint to its sheer sweetness. " (06/2011)

 

K&L Notes: Recently purchased by Jean Marc Lafage, Chateau Saint Roch is located in the Maury Area of the Agly Valley, which is 15 miles from Perpignan and the Mediterranean Sea. The castle of Queribus, built by the Cantharis, at the top of the steep Corbières Mountain watches over the vineyards from the north. Each plot is now surrounded by black berry bushes, fig trees, pomegranate trees, cherry trees, carob trees, oaks, as well as fields of thyme, lavender and fennel. This blend of 60% Grenache, 30% Syrah, 10% Carignan, aged 12 months in concrete tank and demi muid, offers a lovely dark red color, with very ripe fruit on the nose, a creamy palate impression and nice hints of fresh spices. 14.5% abv.

 

2005 L'Eden de Lapeyronie Bordeaux Cotes de Francs - $18.99 @ The Wine Club – Bordeaux from a great vintage.

“Made from 50% Cabernet Sauvignon, 40% Merlot, 10% Cabernet Franc. The average yield is 30 hectoliters/hectare. Attractive nose of cherry and raspberry. On the palate, blackberry and cassis fruit flavors dominate, with hints of vanilla and firm tannins. Drink with steak, hamburgers, grilled chicken, or soft cheeses.”

2010 Jean-Charles Pivot, Pouilly-Fuisse, Burgundy, France - $15.99 @ Wine Club – Chardonnay.

“This is pretty rich, and opulent stuff!  Typically I'd expect to pay around $25 for a good white Burgundy from Pouilly-Fuisse, so I was shocked to learn this price at nearly half that.  Wonderfully concentrated, with plenty of soft lemon curd, cream and honey.  There was also some lovely salinity, and a nice, stoney-minerality that lingered on the palate.

I am told this gem of a white Burgundy only sees 20% used oak, and the rest of the rich, soft, flavors were achieved in-tank, though lees stirring. That's one of the things that makes this Pouilly-Fuisse so delicious, is its not over-reaching with too much oak, and the invariably accompanying dose of SO2 that is used to "help" higher-end Pouillys age.

This Pivot is perfect for drinking over the next couple of years. I can unequivocally recommended this, it's a real winner!”

Dean Alexander, Wine Buyer San Jose

 

2009 Matanzas Creek Sonoma Chardonnay - $19.99 @ Artisan Wine Depot -

93 Points- Wine Enthusiast:

"Unbelievably rich, this tastes pretty much as excellent as the winery's more expensive Chardonnays. It really dazzles with its complex flavors of tropical fruit, green apple, pear, buttered toast and honey. It's all brightened by terrific acidity and wrapped into a creamy texture." - S.H. (10/1/2012)

91 Points - Robert Parker:

"The 2009 Chardonnay was barrel-fermented and aged in 20% new oak. Medium to full-bodied with notes of honeysuckle, pear, pineapple and white peach, it is a stylish, crisp white with the oak component clearly pushed to the background.

 

2007 StarAngel (by Montes) Syrah, Paso Robles - $14.99 @ K&L – Chilean Syrah.

91 Points Rhone Report

"The 2007 Star Angel by Montes Syrah is 100% Syrah that spent 12 months in French prior to bottling. It offers up ripe, meaty aromas of blackberry and strawberry styled fruits, smoked beef, spice-cabinet, and dusty mineral qualities to go with a medium to full-bodied, balanced, and elegant palate. Very well balanced and light on its feet, while at the same time delivering loads of flavor and intensity, this outstanding red will shine for 5-7 years."

 

1999 York Creek Spring Mountain District Meritage ($24.99 @ K&L)

Bryan Brick | K&L Staff Member | Review Date: May 07, 2013

At some point last year I was sitting at my desk thinking about some of the wines I’ve had from what I believe to be truly great wineries in the fine state of California. One of these great wineries that kept popping into my head was York Creek. The saddest part is that I hadn’t carried the wine for a couple of years due to lack of distribution. So I picked up the phone and made a call, long story short James Beard Award winner, beer icon, owner of York Creek Vineyards and an all around great man Fritz Maytag was at my desk a couple of weeks later showing me the lineup from his estate high upon Spring Mountain. From that meeting a fruitful business relationship developed which began with us selling almost 300 cases of the highly touted 2007 Estate Cabernet, followed by the possibly even more popular 2004 Estate Cabernet that flew out the doors during the Holidays of 2012. Well we’ve gone back to the well once again and found another true gem at a completely ridiculous price. We recently tasted every vintage, minus the 1998 which they did not make, between 1994 and 1999 of the Estate Meritage. What we found was amazing. All of the wines were wonderful in their own vintage specific way, but we really loved the 1999 vintage best. I feel like this vintage is really at its apex right now and is a wonderful example of an old wine with plenty of freshness and life. Sure there are some secondary notes of tobacco, sandalwood and mint in the nose and of course the tannins here are polished to a fine patina but this is insanely drinkable and full of fresh red fruits and a deep set forest driven spice that only Spring Mountain can deliver. Add that all up, plus you get a wine that is almost 15 years old for $24.99, and this may be the bargain of the year.

 

Keith Wollenberg | K&L Staff Member | Review Date: May 07, 2013

This represents a terrific value in a mature California Cabernet. If you are a fan of the modern fruit bomb style, skip this one. But, if like me, you love more classic , focused Cabernets, with a bit of earthiness, and elegant texture and mature aromas, then this is your cup of wine, so to speak. I reccomend it with a nice grilled steak on the barbecue, or a smokey Portabello mushroom with olive oil and pepper, if you are of the vegetarian bent. The combination will richly reward you for a modest sum.

 

Melissa Smith | K&L Staff Member | Review Date: May 07, 2013

Quite possibly one of the most perfect wines being offered. A wine that had been allowed to develop and age for fourteen years, that has incredible balance, fruit, acidity, well integrated tannins, and a finish that goes on and on. Fine cherries with single origin cocoa powder, and a touch of spice.