Like the Energizer Bunny on crack cocaine, the market got another “fix” just in time yesterday to keep the party going and futures are up this morning with S&P futures up about 4 points:
The 50 day average is at 804, the upper Bollinger at 808, the next higher pivot is at 848, and the one right under us now is 789. It looks to me like we’re destined to at least touch the upper Bollinger. And boy, are we ever overbought on many indicators.
Unemployment for the week fell to 646,000, but continuing claims rose to yet another record:
Unemployment: Continuing claims hit new high
Government report shows the number of people filing initial claims for unemployment benefits fell last week but the number filing for more than a week hit a record high.
By Ben Rooney, CNNMoney.com staff writer
NEW YORK (CNNMoney.com) -- The number of people filing initial claims for unemployment benefits fell last week but the number filing for more than a week hit a fresh record high, according to a government report released Thursday.
In the week ended March 14, 646,000 people filed initial jobless claims, down 12,000 from the previous week's revised figure of 658,000.
Economists had expected 655,000 new claims, according to a consensus survey by Briefing.com.
However, in a sign that more jobless are having trouble finding work, 5.5 million people continued claiming unemployment in the week ended March 4 - the latest week for which data was available. That's an increase of 185,000 from the previous week.
The 4-week moving average for weekly filings was 654,750, up from the previous week's revised average.
FedEx says that profits fell 75% in the past quarter and are slashing wages, mainly of its overseas workers.
Leading economic indicator and the Philly Fed survey come out at 10 Eastern.
That’s about it… sooner or later there MUST be a correction of some degree. We’re about 20% off the bottom now, options expiration is tomorrow.
The dollar is down further, bonds are up a little, gold is up a little more…
Have a good one,