Daily S&P Report 9-29

September 30, 2011 in Financial by PFG Best

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.

and third quarter, we could see major repositioning in the stock indices.

Please call or email me with any questions or comments. I can be reached

At 877 294 7757 or slusk@pfgbest.com

Economic Releases  (9/30)

Personal Income-7:30

Chicago PMI-9:00

Daily Swing #s ESZ1  (9/30)

R2-1190.75

R1-1173.50

Pivot-1153.50

S1-1136.25

S2-1116.25

Daily Swing #s YMZ1  (9/30)

R2-11371

R1-11234

Pivot-11062

S1-10925

S2-10753

Sean Lusk

Senior Broker