Pre-open:
June 5 (Bloomberg) -- The number of Americans filing first-time jobless claims unexpectedly fell last week, possibly reflecting the closure of government offices for the Memorial Day holiday.
Initial jobless claims decreased by 18,000 to 357,000 in the week that ended May 31, the lowest level in more than a month, the Labor Department said today in Washington. While the figures are adjusted for seasonal variations, holidays make it more difficult for Labor to estimate the changes.
Stocks were already higher before this news thanks to some good WMT numbers and NQ is knocking on the door of 2035 once again. Bonds have dropped and bulls look poised for a breakout if they can hold yesterday's close. Watch ES 1387, 10 dma. The bear flag gets negated above 1399.
As for oil, watch the 122.70 level.
Yield on the ten year at 4% correspocd roughly to 115 for ZN June contract. Stocks will not move much higher until 115 is breached to the downside.
June 5 (Bloomberg) -- The number of Americans filing first-time jobless claims unexpectedly fell last week, possibly reflecting the closure of government offices for the Memorial Day holiday.
Initial jobless claims decreased by 18,000 to 357,000 in the week that ended May 31, the lowest level in more than a month, the Labor Department said today in Washington. While the figures are adjusted for seasonal variations, holidays make it more difficult for Labor to estimate the changes.
Stocks were already higher before this news thanks to some good WMT numbers and NQ is knocking on the door of 2035 once again. Bonds have dropped and bulls look poised for a breakout if they can hold yesterday's close. Watch ES 1387, 10 dma. The bear flag gets negated above 1399.
As for oil, watch the 122.70 level.
Yield on the ten year at 4% correspocd roughly to 115 for ZN June contract. Stocks will not move much higher until 115 is breached to the downside.
This entry was posted
on Thursday, June 05, 2008 at 6/05/2008 08:34:00 AM.
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