Tuesday, August 03, 2010

Market comments for Aug. 3rd

Even with yesterday's high on the Dow and S&P 500, we didn't break above the top resistance lines I drew on my previous post on the Dow and S&P 5 year charts on Saturday. Today's data is sobering yesterday's drunken surge in the market. Personal Income came in flat at 0% gain. Personal Spending had no change as well. Factory Orders were down -1.2%, more than consensus estimates of -1.0%. Pending Home Sales were also down -2.6% and -18.6% below June 2009 levels. Expectations were that the number was coming in at -5% for June, so that number was better than expected.

The markets are down about 0.5% after 1 hour of trading now. The big number for the week will be the Unemployment rate for July. Expectations are that Unemployment will rise to 9.6% from 9.5%. Initial Claims also come out on Thursday and expectations are for that number to come in at 460K Claims.

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Anonymous Anonymous said...

Charles, I found this interesting:



3:07 PM  
Blogger Charles Amico said...

Thanks as usual Thor. I listened to her and she was quite good. I have seen her many times but was working so I missed her. She is very bearish on the banks and the economy as I am. She pulls her punches some time and I would rather she let it fly, if you know what I mean.

8:13 PM  

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