May 31 (Bloomberg) -- The U.S. economy grew last quarter at a 0.6 percent annual rate, the weakest in more than four years, as housing slumped, the trade deficit widened and businesses reduced inventories.
May 31 (Bloomberg) -- The number of Americans filing first- time claims for state unemployment benefits unexpectedly fell last week, pointing to strength in the labor market.
This is exactly what the doctor ordered for the stock market at this point. Bonds catch a bid and yields drop. It's not much, but enough to keep hopes alive.
Gold breaks out above 10 dma resistance and it looks like it put in a bottom, should the dollar stay weak and oil not drop too much on inventories at 10.30. Support for YG August is 664.50, 663.50 and 662.
NQ double tops, but could very well break out to new highs, watch 1931.50. Resistance above that is 1935 and 1945/1948, although that would be a stretch after yesterday's rally. YM hit 13695, so my target for May has pretty much been hit, although I have it a little higher at 13701 and possibly 13713. A break above that has resistance at 13729. There could be some profit taking at some point.
May 31 (Bloomberg) -- The number of Americans filing first- time claims for state unemployment benefits unexpectedly fell last week, pointing to strength in the labor market.
This is exactly what the doctor ordered for the stock market at this point. Bonds catch a bid and yields drop. It's not much, but enough to keep hopes alive.
Gold breaks out above 10 dma resistance and it looks like it put in a bottom, should the dollar stay weak and oil not drop too much on inventories at 10.30. Support for YG August is 664.50, 663.50 and 662.
NQ double tops, but could very well break out to new highs, watch 1931.50. Resistance above that is 1935 and 1945/1948, although that would be a stretch after yesterday's rally. YM hit 13695, so my target for May has pretty much been hit, although I have it a little higher at 13701 and possibly 13713. A break above that has resistance at 13729. There could be some profit taking at some point.
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on Thursday, May 31, 2007 at 5/31/2007 09:13:00 AM.
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