Daily S&P Report
E Mini S&P settles 1156.25 up 7.50
S&P and Dow futures rallied in the last hour of trading
on Thursday as stronger than expected economic data
and German approval of a euro zone crisis fund relieved
two of the worst fears hanging over the market.
In economic news the weekly report on jobless claims came
in at 391K for the week ended September 24th. This was well
below the analyst estimate and 37K under last week’s figure.
The weekly claims number is the smallest since April.
The final revision of Q2 GDP was also released today and came in at
up three tenths from the previous report. This brought the Q2 GDP
Up to 1.3 percent which was the original reading of growth for the quarter.
Euro Zone- Europe again averted disaster in its debt crisis when German deputies
rallied behind Chancellor Angela Merkel to approve a stronger euro-zone
bailout fund on Thursday. The vote was obviously supportive for markets
and is exactly what European banks need to get themselves recapitalized.
Market volatility is expected to remain high as traders react to European headlines
and attempt to gauge the commitment of European financial institutions to keep
Greece from defaulting.Also keep in mind tomorrow is the end of the month
and third quarter, we could see major repositioning in the stock indices.
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Economic Releases (9/30)
Daily Swing #s ESZ1 (9/30)
Daily Swing #s YMZ1 (9/30)