Market comments for June 9th UPDATED
Today the Initial jobless Claims were reported. It marked the ninth straight week in which applications have been above 400,000. That trend represents a setback after applications had been declining all winter.
Applications had fallen in February to 375,000, a level that signals sustainable job growth. They stayed below 400,000 for seven of nine weeks. But applications surged in April to 478,000 — an eight-month high — and they have been stuck above 400,000 since then.
The Futures are running +40 for the Dow, +4 for the S&P and +6 for the Nasdaq. Hard to believe that the market will bounce up today and that news but it looks like that is what is in store for today. As you can see from the chart below, we are due for a bounce up at some point and maybe it starts today.
European markets are up a little this morning and it looks like the Central Bank President Jean- Claude Trichet will signal today that policy makers intend to raise interest rates as soon as next month. As a result, the euro climbed against the yen and the dollar.
UPDATE: 7:30am PST
According to Bloomberg.com, European Central Bank President Jean- Claude Trichet signaled the bank intends to raise interest rates next month, saying “strong vigilance” is warranted to contain inflation.
Latest data confirm “continued upward pressure on inflation,” Trichet said in Frankfurt today after the ECB kept its benchmark lending rate at 1.25 percent, as forecast by all 52 economists in a Bloomberg News survey. “Accordingly, strong vigilance is warranted.”
Applications had fallen in February to 375,000, a level that signals sustainable job growth. They stayed below 400,000 for seven of nine weeks. But applications surged in April to 478,000 — an eight-month high — and they have been stuck above 400,000 since then.
The Futures are running +40 for the Dow, +4 for the S&P and +6 for the Nasdaq. Hard to believe that the market will bounce up today and that news but it looks like that is what is in store for today. As you can see from the chart below, we are due for a bounce up at some point and maybe it starts today.
European markets are up a little this morning and it looks like the Central Bank President Jean- Claude Trichet will signal today that policy makers intend to raise interest rates as soon as next month. As a result, the euro climbed against the yen and the dollar.
UPDATE: 7:30am PST
According to Bloomberg.com, European Central Bank President Jean- Claude Trichet signaled the bank intends to raise interest rates next month, saying “strong vigilance” is warranted to contain inflation.
Latest data confirm “continued upward pressure on inflation,” Trichet said in Frankfurt today after the ECB kept its benchmark lending rate at 1.25 percent, as forecast by all 52 economists in a Bloomberg News survey. “Accordingly, strong vigilance is warranted.”
Labels: Dow chart, Dow Futures, EU, EU Central Bank, Initial jobless claims
posted by Charles Amico at 6:19 AM
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