Thursday, September 30, 2010

Market comments for Sept. 30th.

The economic data released today were the Initial Jobless Claims, Continuing Claims, the third estimate of Q2 GDP and the GDP deflator. First Initial Jobless Claims came in at 453K. Expectations were for 450K. The prior week was revised upwards from 465K to 469K. Continuing Claims came in at 4.457 Million. Expectations were for 4.450 Million. The prior week was revised upwards from 4.489 Million to 4.540 Million.

Third estimate for Q2 GDP came in at 1.7%. The prior estimate was 1.6% while the GDP Deflator came in at 1.9%. Expectations were for 1.9% and the prior estimate was 1.9%.

We are awaiting the Chicago PMI number at 6:45am PST which is only 5 minutes away now and I will post it here in a moment but first, the market reaction to the other released numbers were to be expected, always up. The Dow is up about 100 points right now. It doesn't matter if news is good or bad, the market goes up, while your dollar becomes less valuable and able to purchase goods. This play by the Fed will eventually have to be corrected and it will be painful indeed.

Tomorrow, Personal Income and Spending data is released as well as Univ. of Michigan Sentiment Index for Sept.. Also tomorrow, Construction spending, the ISM Index and Auto and Truck Sales.

OK, now here's the Chicago PMI. It came in at 60.4 for Sept. Expectations were for 55.0 and the previous month it came in at 56.7 for August. This is a better than expected number and while the stock market was already up almost 100 points before the news, CNBC is reporting the market is now up because of the PMI number. Can you believe that reporting?! The Dow is now up 95 points.

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