Despite initial jobless claims coming in at 479K exceeding estimates of 455K, the Dow maintains its bullish dynamic, not even breaking 10600, and currently sitting at 10670.
This is extremely positive. With Non Farm pay rolls due for release tomorrow, forecast of -60K (however private sector forecast is 90k jobs added which will be a key driver in the markets reaction). Either way its a 50 50. I dont see the Dow declining any more than 10630 at best before the news result, and prior to this any sell off between 50-150 points would be seen as a buying opportunity, to close out with a rally before close, or rebound early next week.
Thursday, 5 August 2010
Subscribe to:
Comments (Atom)