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world stock market, us stock market
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6/04/09 Investment House Alerts
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IH Alert Subscribers:
MARKET ALERTS:
Targets hit alerts: None issued
Buy alerts: APA; BTU; BUCY; CHK; FSLR; WFR; XME
Trailing stops: None issued
Stop alerts: DLTR; SKF
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VIDEO MARKET SUMMARY
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We are offering a video market summary featuring Jon Johnson talking about the market, the economy, and what is next for investors. We hope you enjoy this added feature to your subscription! We still include the normal Market Summary format so you have both a video to listen to while commuting or multitasking as well as the written report for review.
TO VIEW THE VIDEO MARKET SUMMARY CLICK THE FOLLOWING LINK:
http://investmenthouse1.com/ihmedia/marketsummary.wmv.wmv
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SUMMARY:
- Stocks decide not to wait, move higher ahead of jobs report.
- Continuing jobless claims show first decline in 20 weeks.
- Same store sales quite woeful sans WMT as it no longer provides that data.
- Corporate tax changes and Microsoft.
- Jobs report Friday, then the inflation and liquidity trade likely continues.
No further pullback as stocks start higher, albeit modestly, ahead of jobs report.
Stocks decided not to wait for more of an easy pullback into the jobs report. Instead they decided to rally. Indeed, after a pullback on Wednesday they could not even wait until the end of the session before they started to move back up. Remember, on Wednesday we saw stocks cut the losses in half in the last hour. The money moving into the market once again saw a dip and moved in to fill it. Thursday, stocks started higher again, faded a bit, but rallied right back and posted gains into the close. This even with the jobs report coming on Friday. Maybe investors anticipate a better-than-expected jobs report, or maybe they just saw (as has been the case throughout this rally) a dip and filled that dip in with money.
The financials were upgraded on Thursday and that helped get the market moving. It also helped that some key techs receives upgrades-large caps such as Qualcomm, Broadcom, and Intel.
Jobless claims were a little better than expected at 621K, better than the 625K prior. Continuing claims fell for the first time in 20 weeks - they were down fractionally, still at 6.7M, but it was a downside move and that gave some hope. We heard comments to the effect that maybe the worst was over. Maybe it is. With the economic data slowing down things are better with respect to another Great Depression, but they are not great in that they are not turning back up and showing positive growth. It is still just a slowdown in the rate of decline, but for now that is enough to help reprice stocks to a higher, non-depression level. Instead investors are pricing a recession with a chance of bottoming this quarter or next. That slowed the decline and gave support to stock prices. On top of that, the inflation trade and liquidity trade, both the result of money being printed by the world's central banks. The money is not being lent and used in industry, so it is being put in the financial markets, and again we see each dip filled in with money. It did not take much of a dip to bring the money back into the market on Wednesday and Thursday.
The upgrades and the jobless claims data helped overcome some weak Same Store Sales. After a couple of months showing better-than-expected results - though still very poor results - sales came in well below expectations. WMT was not part of the mix this time. WMT is not supplying Same Store Monthly Sales data starting this money as it says the data is simply not accurate enough for it to do that, and it wants to cut down on the volatility in its price based on releasing this data. Without WMT and its lion's share of the recession retail dollars- the retail sales were quite weak. TGT declined 6.1%, versus the -4.3% expected. COST, SKS, ANF, and HOTT all missed. ANF missed rather spectacularly with a 28% decline. On the other hand, discounter TJX beat as did ARO, a teen retailer. There was some upside, there was some downside, but predominantly sales were much worse than expected. Again, with WMT not in the mix that is something we could expect.
In reality this shows more of the true retail picture. With WMT sucking up a lot of the sales because of the recession, it distorts what the retail sales picture really is. Most retailers are not doing well. The money is going to the discounters as you would expect in a recession. Consumers are showing no strength yet. No translation of that increased consumer confidence report or the Michigan Sentiment report of the past two months. The improvement in sentiment is there but, as is often is case, actions do not follow sentiment.
What was down on Wednesday came right back on Thursday. Oil surged back up recapturing Wednesday's losses, closing at $68.67, up $2.55 a barrel. Gold surged back to roughly $93, up $17. The 10 year bond yield shot right back up to 3.71%. After a day off, the liquidity and inflation trades ran right back up. Stocks followed the pattern: stocks that declined Wednesday on the test (the recent leaders in energy, commodities, chips and some technology) bounced right back up on Thursday. With the new money, with the liquidity coming in the market, it just cannot wait the usual pullback periods where we typically get a 3 day, 1-2-3 type of pullback. Now 3/4 day pullback is all it takes for the money to come back in. It does not mean that we are not going to get sharp corrections and, as we have seen in past liquidity binging such as in 1999, you have sharp upside moves followed by sharp-yet-short corrections.
There were no huge moves in the market. NASDAQ was up 24 points, or 1.3 %. The Dow was up 75 points, or 0.86%. SP500 was up 10.7 points, 1.15%. SOX rose 2.15%. Small caps 1.72%, and the NASDAQ 100, 1.17%. Not huge moves, but we saw the stocks again come back that were down on Wednesday.
We were able to pick up some good buys such as Bucyrus (BUCY), CHK in natural gas, FSLR which had that nice gap pattern has traded down the bottom of the gap and started to bounce, and also APA, WFR, BTU, and XME. We already have positions in several of these; they came back to test and are moving back up. They were showing what we wanted to see which has a move off of the test and holding the move into the close, so that is why we were in buying even ahead of the jobs report.
TECHNICAL
INTRADAY. The day started modestly higher, fell back to flat early on (even negative), but then started a steady move higher into the afternoon. Mid-afternoon it peaked, moved laterally for two to three hours, and then waffled a bit. Stocks moved higher into the bell, however, once more closing at session highs. Again, the money could not wait to move back in the market. We wanted to see more of a pullback and maybe have a shakeout after the jobs report that maybe was not as good as was anticipated, giving us some great buys. That was not the case, so we were picking up positions as stocks moved back up. The money does not wait, and we cannot wait - we have to move with the market.
INTERNALS. The advance/decline was 2.5:1 on NASDAQ, 3.2:1 NYSE. Very solid breadth for just 1 % index gains. Lots of action in the small and mid-caps - those were up more than the other indices. When you think back and consider what is in those - you have energy stocks, small metals, those kind of plays in the small and mid-cap indices - it is very good breadth considering the gains in the indices.
As for volume, NASDAQ volume increased again, moving back above average as NASDAQ and NASDAQ components stretched their break out. This is exactly what you want to see - increasing volume as they extend their move upside.
NYSE trade was up but was still below average. Very thin trade on the NYSE even with the good move in the small and mid-caps. The technology sector is definitely getting most of the money, but it is not only technology. A lot of the small cap names - the 4-letter stocks, if you would - are on NASDAQ. Whether energy, metals or other commodities, they are getting money put their way. It is understandable that we see higher volume on NASDAQ with these small issues that are part of the inflation, liquidity, and perceived economic recovery trades.
CHARTS. SP500 got some backing from the financials as they finally got off the bubble and started to bounce modestly. GS was upgraded, driving it higher along with financials in general; GS had a lot of coat tails carrying others with it. It was not enough for SP500 to take out it is January high - it still closed right below 944, the intraday high that it has not broken yet, at least on the close. That is going to be the point of key resistance that impacts the entire market as it attempts to moves further. SP500 bumped it, but it did not break it. Still, it is moving laterally right along that level - it is not giving up any gains, it is not trading back any. It bounced right back up from the selling on Wednesday, so it is showing very good action by refusing to give up gains and tightening range -a good sign for a potential breakout. If there is any kind of decent news with the jobs report, SP500 could very well provide the breakout.
NASDAQ moved up to a new post-November high adding to its breakout, and it did this on good volume. It was not a huge move, and it is already approaching the gap down point at 1897 -about 50 points higher. No problem there, it still has some room to run upside and what has it been doing? It is been taking on the resistance levels and shooting them down, driven by money. As long as it does that, it will come up, bump higher. It may fail - but then it goes and moves back through as the money pushes it up. That is what we are looking at with SP500. Again, it is no big deal to fail on the first or second attempt at getting through resistance. If the market is good and money is coming in, it will take another shot. Lots of liquidity still and that is what is driving the boat right now.
SOX broke back over its mid-October peak. It is the leader in the market as far as being the first to break through the old highs and it is still leading in that sense as it moved back over that October peak. SP600 moved back over it is January peak after giving up the break on Wednesdays selling. It is still trying to shoulder it is way into a leadership role and we hope it makes it - that is a good economic indicator.
The next big move is going to be whether or not the SP500 clears the January peak - we think it will. It may take a few sessions and may have to consolidate a bit more, but we think it will make that move based on the liquidity driving it and now we see the financials showing some life once more.
LEADERSHIP. What was down on Wednesday was back up on Thursday. Energy, chips, metals, and commodities: Inflation plays are working well as stocks are no longer pricing in the Great Depression II, just your normal, run of the mill economic slide that just happens to be the longest recession since the Great Depression. Without the fear of depression prices are adjusting back up. The question is, how much more adjustment will there be? Based on the economic data you would not think there would be much more upside. The 'X' factor is liquidity - trillions of dollars (and other currencies) printed all over the world are finding their way into markets and still pushing stocks higher.
A lot of the commodities, energy and industrial stocks have developed an interesting pattern since October. There was the selloff into October-November, a lateral move that formed the bottom, basically a big shallow saucer pattern or flat base after those October-November lows. Then a break higher followed by a lateral move in May. Then they broke higher to start June, tested back (they are still testing somewhat), and are set up to bounce higher. We have a good base, a breakout, a short consolidation, and now they are trying to breakout again; That is very classic and very bullish pattern, and if there are no major surprises and the money keeps coming into the market through this liquidity trade, these commodity stocks and the other inflation-related stocks should continue the rise - and they are dragging everything else along with them.
THE ECONOMY
Microsoft's Balmer takes on the Administration's view on corporate taxation.
We talked about the jobless claims and how they were a little bit better with continuing claims improving. We also talked about the Same Store Sales and their rather woeful state without WMT.
There is another issue that popped up today - one that we are going to be hearing more about as the healthcare debate ratchets up.. It has to do with some comments from MSFT. I do not really care for MSFT and its leadership- leadership in terms of who runs the company. Today, however, Mr. Steve Balmer said something interesting. He said that if the Administration does away with what it calls "corporate loopholes," that MSFT will be forced to move jobs offshore. One of the loopholes targeted for elimination is corporate paid insurance. As part of the national healthcare push, they are saying they will get rid of the deduction for corporate insurance to help pay for the plan. If you have a small business or a large business such as MSFT and business provides all or part of the insurance for employees, the business can currently deduct that as a business expense. It is one of the inducements to get people to come work for you - just as with a salary, it is an expense you pay to get people as part of their compensation. It is a legitimate expense and helps reduce the effective tax rate, making companies more competitive.
The US already suffers the highest corporate tax rate in the world, and even with the so-called loopholes - one being this deduction of insurance that the company pays for - rates are still effectively the highest. If you start doing away with these so-called loopholes, you start raising our corporate tax rate even more, decreasing competitiveness and reducing any incentive of keeping jobs here in the United States. The Administration says it wants to keep jobs in the United States, but on the other hand, it threatens to take overt actions that reduce the ability of companies to keep their people here and still compete globally.
Some said in response that MSFT is acting unpatriotic, but let us face it: CEOs and corporate officers owe a fiduciary duty to their shareholders to make as much money as possible. They have to compete with companies overseas. A lot of companies MSFT competes with pirate this very software that MSFT makes. In order to compete, it has to reduce costs. If we raise costs here in the US, they have to look out for their shareholders and their company and look to see where they can perform their business and compete with the international companies that are trying to take their business.
This discussion led into a similar topic, i.e. whether people and companies would leave the US if the playing field became even more biased against US companies. One argued that people do not want to leave the United States because it is a great place to live. There is no doubt about that; there are several things that make this a great place to live. The rule of law, the best healthcare in the world, a decent tax rate (for now). If you make it too expensive for the perceived benefits you will see - as we have in other countries, particularly European countries - the wealthy leave the country. They say it will not happen there, but if we adopt a European-style healthcare plan and continue to erode the rule of law, e.g. as with the secure debt holders for Chrysler and GM when they were told they would lose their secure debt position and with the government replacing CEOs of its choosing simply because it feels it is the thing to do, you have a problem with respect to the rule of law.
Indeed, Treasury Secretary Giethner on his Asia tour extolled the benefits and virtues of the US and what a great credit risk it still is and how the rule of law was still in effect here. Many of people in the audience - a lot of them were college students in China - laughed at those statements. We are damaging our image as the one spot on the globe where the rule of law is the rule and if you contract your contract is held sacred. If the rest of the world feels that is not the case, they don't invest here. If citizens feel that is the case, they think about where they can go to get the protection they need. If you also jump tax rates as they are talking about by passing a value added tax or a national sales tax on TOP OF THE INCOME TAX, then you are going to do what Europe did - you will eliminate the incentives for the wealthy to stay and they will move offshore. People say I am crazy for saying that, but the facts are there in many great countries. They have had an exodus of the wealthy because, let us face it, if you want to get rid of something, you tax it at a high rate. That is what England, France and Italy did, driving their wealthy away. Now they are starting to see the light, lowering the tax burden, and attracting people home again. They are encouraging entrepreneurship. New Zealand is doing it, Australia is doing it. They are making it more beneficial to start businesses and actually invest in their countries, and it is having a big positive impact in terms of growth. Unfortunately, the US is going in the opposite direction, and while we do not think it would happen and think it is preposterous that people could move out, history shows this is what happens when the environment turns hostile enough.
THE MARKET
MARKET SENTIMENT
VIX: 30.18; -0.84
VXN: 31.06; -0.39
VXO: 29.42; +0.08
Put/Call Ratio (CBOE): 0.88; -0.08
Bulls versus Bears:
This is a reading of the number of bullish investment advisors versus bearish advisors. The reason you look at this is that it gives you an idea of how bullish investors are. If they are too bullish then everyone is in the market and it is heading for a top: if everyone wants to be in the market then all the money is in and there is no more new cash to drive it higher. On the other side of the spectrum if there are a lot of bears then there is a lot of cash on the sideline, and as the market rallies it drags that cash in as the bears give in. That cash provides the market the fuel to move higher. If bears are low it is the same as a lot of bulls: everyone is in and the market doesn't have the cash to drive it higher.
This is a historical milestone in the making. Bulls are impressively low considering we are in general a very optimistic country. The few bulls is a positive indication because it means most everyone that is getting out is out and there is money on the sidelines. In other words the ammunition boxes are full and as the market recovers investors will start opening up the boxes and firing. Little by little they will be forced to put more money into the market and there will be some rushes higher in fear they are missing the train. You relish times when sentiment is so negative because it means some tremendous buys are setting up. This could indeed be the opportunity of a lifetime, and you take advantage of it by buying quality stocks and letting them work for you as long as they will. If we can hold them for years, great.
Bulls: 40.9%, up a fraction from 40.7% and 41.0% the prior week. Bullishness is still creeping up as the market holds its gains. Makes sense, but there are also those that feel the good times cannot last, undermining the number some. Still a strong move, up from 36.0% just three weeks back and moving in on the 43.2% hit mid-April before anticipation of stress tests and SOX' issues. Over the 35% threshold, below which is considered bullish, but this is not a bearish indication yet. Has to get up to the 60% to 65% level to be bearish. Dramatic rise from 21.3% in November 2008, the bottom on this leg. This last leg down showed us the largest single week drop we have ever seen, falling from 33.7% to 25.3%. Hit 40.7% on the high during the rally off the July 2008 lows. 30.9% was the March low. In March the indicator did its job with the dive below 35% and the crossover with the bears. A move into the lower 40's is a decline of significance. A move to 35% is a bullish indicator. This is smashing that. For reference it bottomed in the summer 2006, the last major round of selling ahead of this 2007 top, near 36%, and 35% is considered bullish.
Bears: 28.4% versus 29.1%. Bears continue to fall, growling less and less. Down from 33.7% three weeks back. Well off the 37.2% and the 37.1% in mid-April as the rally continued higher. As with bulls, below the 35% threshold considered bullish though not at bearish levels. Now far from off the high on this run at 47.2%. For reference, bearishness hit a 5 year high at 54.4% the last week of October 2008. The move over 50 took bearish sentiment to its highest level since 1995. Extreme negative sentiment. Prior levels for comparison: Bearishness peaked at 37.4% in September 2007. It topped the June 2006 peak (36%) on that run. That June peak eclipsed the March 2006 high (33%) and well above the 2005 highs that spawned new rallies (30% in May 2005, 29.2% in October 2005). That was a huge turn, unlike any seen in recent history.
NASDAQ
Stats: +24.1 points (+1.32%) to close at 1850.02
Volume: 2.351B (+5.41%). Stronger, above average volume resumes as NASDAQ continued its breakout over the November high. That is the kind of action the upside loves to see.
Up Volume: 1.977B (+1.138B)
Down Volume: 494.655M (-968.473M)
A/D and Hi/Lo: Advancers led 2.52 to 1
Previous Session: Decliners led 1.54 to 1
New Highs: 41 (+10)
New Lows: 7 (+2)
There is a bit more room to the upside for NASDAQ to run. It has broken out over it is November peak and it has about 50 points before it makes it to that key 1900 level that is the next resistance. There are some pretty serious peaks, valleys, and consolidation ranges from back in time at that level that are going to offer up resistance. If it gets there, it is probably at a minimum going to stall for awhile and then come back. After that, the 2K level is a very serious resistance point. Those are nice problems to worry about, are they not? You want to be able to worry about what will happen when it gets to those levels. Right now it is been shooting them down, breaking through one resistance after another, testing it and moving up. That is what it is doing now, so we have to keep in mind what is ahead so we know what is potentially coming around the corner.
NASDAQ CHART: http://investmenthouse.com/ihmedia/NASDAQ.jpeg
NASDAQ 100 CHART: http://investmenthouse.com/ihmedia/NASDAQ100.jpeg
SOX CHART: http://investmenthouse.com/ihmedia/SOX.jpeg
SP500/NYSE
Stats: +10.7 points (+1.15%) to close at 942.46
NYSE Volume: 1.359B (+2.63%). Still thin, below average volume on NYSE and that continues to cast doubt on the overall move. At this juncture it is not bad consolidation volume but on a breakout over 944 you want to see it ramp up some.
Up Volume: 987.442M (+821.246M)
Down Volume: 357.599M (-793.039M)
A/D and Hi/Lo: Advancers led 3.22 to 1
Previous Session: Decliners led 2.71 to 1
New Highs: 28 (+6)
New Lows: 55 (+12)
At 944 the January high is the initial problem SP500 still faces. We think it is likely to clear it. If it does, it goes up to 1000. Given the liquidity that is in the market and the financials look like they are trying to start moving again, that is the likely result. A month or two ago that would not have been our belief because it did not seem to have the strength. The dollars are kicking in now - every dip has been filled in, a telltale sign that there is a lot of money being put to work. After 1000, 1050 is next resistance. At that point there may be a bit of a deeper correction. Again, these are not bad problems to have.
SP500 CHART: http://investmenthouse.com/ihmedia/SP500.jpeg
SP500 CHART: http://investmenthouse.com/ihmedia/SP600.jpeg
DJ30
Stats: +74.96 points (+0.86%) to close at 8750.24
Volume: 237M shares Thursday versus 252M shares Wednesday.
DJ30 CHART: http://www.investmenthouse.com/ihmedia/DJ30.jpeg
FRIDAY
Friday means the jobs report, but that won't change the liquidity trade . In 1999, the market rallied beyond all reason thanks to the excess money in the economy. It was not being used and got shoved in the market. If the economy remains relatively weak the Fed is not going to raise rates soon and that means continued liquidity. It would take something nasty to prevent the market from continuing to work to the upside. Of course something unexpected can always come up, but right now based on what the money is showing, these are very reachable goals with respect to NASDAQ and SP500. If there is a little bit better jobs data than expected on Friday - (520K expected) - if it is better than that, it may be the incentive to break SP500 over 944 and send it working toward that 1K level.
Jobs will be the wildcard as they are each month. Even so, after the initial reaction the market has done basically what it was going to do any way. Even if we get a disappointment, what is going to happen? We may get a little backfilling like we wanted to have, and then I bet we see the money take over again because the Fed is not going to do anything if the jobs report remains weak. The market knows that. If the jobs report is weak and the market pulls back a little bit, the money is going to come back in and likely fill up that dip and we will get some more good buys off of it.
Given that the money started to flow back in on Thursday, even though we did not want to buy we picked up some positions based on the way our plays closed. In other words, after the test of near support they started to close higher and we started taking positions. What are we going to do on Friday? Are we going to buy on Friday? Normally we do not like to do that, but we have to look at what the market as the guide. If the jobs report disappoints and we get a pullback but then stocks bounce back - the leaders, whether they be in commodities, energies or technology - then we look at picking up some positions. We can always wait until Monday, but if it starts off weak and then money surges back in, then we will look to pick up some positions early and let them run toward the end of the day. Weekends are no guarantees, but the one thing that is a constant right now is the money coming back into the market. With the six month consolidation and small bases formed after that, stocks have a great foundation underneath them to continue running higher and we are going to look for the ones that have resistance at a higher level because we can move in with those and get a better run out of them.
In short, it is kind of the same scenario we have had over the last couple of weeks. We will look for the test, we will see what pulls back if it does early in the morning, and then we will move into positions in the energy, commodities, techs, chips, steel and machinery - all the inflation and liquidity trades as they show us some decent position to move into. If we do not get a pullback, if we get good news and it surges higher, that is great. We will let them run higher and take some gain off the table in anticipation of Monday which, if we have a big upside day Friday, could lead to a little downside to start the week. No problem with taking some gain off of the table. We have some stocks that are ready to do that if we get another surge. Then we look around, wait for the next pullback and move in again.
Support and Resistance
NASDAQ: Closed at 1850.02
Resistance:
1897 is the October post gap intraday high.
1947 is the October gap down point
1984 from late September
2099 is the mid-September low
2169 is the March 2008 double bottom low
Support:
The 10 day EMA at 1791
1780 is the November 2008 peak
1773 is the May peak
1770 is the mid-October interim peak
The 200 day SMA at 1686
The 50 day EMA at 1678
1673 is the prior April peak
1666 is the intraday January 2009 peak
1664 is the May 2008 low
1661 is the April 2009 prior peak
The January closing peak at 1653 (intraday)
1623 is the early April peak
1620 from the early 2001 low
1603 is the December peak
1598 is the February 2009 peak, the last peak NASDAQ made
1587 is the March 2009 high is getting put to bed again
1569 is the late January 2009 peak
1542 is the early October 2008 low
1536 is the late November 2008 peak
1521 is the late 2002 peak following the bounce off the bear market low
1505 is the late October 2008 closing low.
1493 is the October 2008 low & late December 2008 consolidation low
S&P 500: Closed at 942.46
Resistance:
944 is the January 2009 high
1000
1050
Support:
935 is the January closing high
930 is the May peak
The 10 day EMA at 923
The 200 day SMA at 922
919 is the early December peak
899 is the early October closing low
896 is the late November 2008 peak
888.70 is the April intraday high.
882 is the early May low
The 50 day EMA at 879
878 is the late January 2009 peak
The prior April peak at 876
866 is the second October 2008 low
857 is the December consolidation low; cracking but not broken
853 is the July 2002 low
848 is the October 2008 closing low
846 is the April peak
842 is the early April peak
839 is the early October 2008 low
833 is the March 2009 peak
The 90 day SMA at 830
818 is the early November 2008 low
815 is the early December 2008 low
805 is the low on the January 2009 selloff. KEY Level
800 is the March 2003 post bottom low
Dow: Closed at 8750.24
Resistance:
8829 is the late November 2008 peak
8934 is the December closing high
8985 is the closing low in the mid-2003 consolidation
9088 is the January 2009 peak
9387 is the mid-October peak
9625 is the October closing high
Support:
8626 from December 2002
8588 is the May high
The 10 day EMA at 8576
8521 is an interim high in March 2003 after the March 2003 low
8451 is the early October closing low
8419 is the late December closing low in that consolidation
8375 is the late January 2009 interim peak
8315 is the February 2009 peak
8307 is the April 2009 intraday high
The 50 day EMA at 8234
8221 is the May 2008 low
8197 was the second October 2008 low
8191 is the prior April peak
8175 is the October 2008 closing low. Key level to watch.
8141 is the early December low
The early April intraday peak at 8113
The early April peak at 8076
7965 is the mid-November 2008 interim intraday low.
7932 is the March 2009 peak
7909 is the early January low
7882 is the early October 2008 intraday low. Key level to watch.
7867 is the early February low
7702 is the July 2002 low
7694 is the February intraday low
7552 is the November closing low. KEY Level.
Economic Calendar
These are consensus expectations. Our expectations will vary and are discussed in the 'Economy' section.
June 1 - Monday
April Personal Income (8:30): +0.5% actual versus -0.2% expected, -0.2% prior (revised from -0.3%)
Personal Spending, April (8:30): -0.1% actual versus -0.2% expected, -0.3% prior, (revised from -0.2%)
Construction Spending, April (10:00): +0.8% actual versus -1.8% expected, 0.4% prior (revised from 0.3%)
ISM Index, May (10:00): 42.8 actual versus 42.0 expected, 40.1 prior
June 2 - Tuesday
April Pending Home Sales (10:00): 6.7% actual versus 0.5% expected, 3.2% prior
Auto Sales, May (14:00): 3.2M prior
Truck Sales, May (8:15): 3.8M prior
June 3- Wednesday
May ADP Employment Change (8:15): -532K actual versus -543K expected, -545K prior (revised from -491K)
Factory Orders, April (10:00): 0.7% actual versus 0.9% expected, -1.9% prior (revised from -0.9%)
ISM Services, May (10:00): 44.0 actual versus 45.0 expected, 43.7 prior
Crude Oil Inventories, 5/29 (10:30): +2.87M actual versus -1.5M expected, -5.41M prior
June 4 - Thursday
5/30 Initial Jobless Claims (8:30): 621K actual versus 620K expected, 625K prior (revised from 623K)
Productivity-Rev., Q1 (8:30): 1.6% actual versus 1.2% expected, 0.8% prior
Unit Labor Costs, Q1 (8:30): 3.0% actual versus 2.9% expected, 3.3% prior
June 5 - Friday
May Average Workweek (8:30): 33.2 expected, 33.2 prior
Hourly Earnings, May (8:30): 0.2% expected, 0.1% prior
Nonfarm Payrolls, May (8:30): -550K expected, -539K prior
Unemployment Rate, May (8:30): 9.2% expected, 8.9% prior
Consumer Credit, April (14:00): -$6.0B expected, -$11.1B prior
End part 1 of 3
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