Radio Rallies & Reversals
The 'buy the dip' theme continues - US futures were indicating a strong open this morning, following strong gains in both Europe and Asia during their regular sessions, and in addition, street wide volumes remain robust; now as I speak, North American stock indexes are in the green with the exception of the TSX Composite index thanks to gold.
The economic calendar is light today and much less important than tomorrow's highly anticipated Non-farm Payrolls data. We did get this morning the report of weekly jobless claims which was up, as expected, but not enough to suggest a reversal to the recent downward trend. The reading came in at 409,000 for the week ending January 1, up from 391,000 the previous week.
The US economy has shown some strength with the exception of labor and housing. Given the strength in yesterday's ADP figures, which were well above forecast, tomorrow's number will need to be very strong in order to support recent market strength.
GB
The economic calendar is light today and much less important than tomorrow's highly anticipated Non-farm Payrolls data. We did get this morning the report of weekly jobless claims which was up, as expected, but not enough to suggest a reversal to the recent downward trend. The reading came in at 409,000 for the week ending January 1, up from 391,000 the previous week.
The US economy has shown some strength with the exception of labor and housing. Given the strength in yesterday's ADP figures, which were well above forecast, tomorrow's number will need to be very strong in order to support recent market strength.
GB
posted by Gordon Bell at
7:14 AM
0 Comments:
Post a Comment
<< Home