When in doubt, sit it out? That may be the mantra of many traders today. The Initial Jobless Claims actually came in better than expected falling 21,000 to 434,000. This was about the best number in the last 2 years. The high of today in the E-Mini S&P 500 of $1187.50 was reached at 7:30 AM CST, but by 11:30 AM CST, we descended to the low of the day at $1173.50.
Tomorrow, we look forward to the GDP numbers which consists of 70% consumer spending. It will be interesting to potentially see a positive report with so many citizens still out of work. The market may still shrug off any positive report to focus on the events of next week. We may see lower volume that could cause more erratic moves in the market.
|S&P 500 Emini Futures / ES|
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