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Jobless Claims Rise, Sending Futures Spiraling Down
June 25th, 2009
When the futures markets kicked off the morning they were rallying hard. The /ES was up to 908 literally in the blink of an eye. Now however, following some very weak jobs numbers, they have fallen out of bed – the /ES is now trading at 892! Talk about a huge reversal in sentiment within a couple of hours.
As I have continuously said over and over, jobs is the key to this whole thing. Regardless of how people “feel” about the outlook of the economy, if they do not have a job to pay bills and buy “things” then we are headed lower – point blank. Fortunately for Members and I, we are positioned wonderfully for the run at 880. Who said you couldn’t make money shorting?
Here is the chart of the /ES since yesterday’s close. Know you can visually see what happened this morning. Amazing turn around. Look for 890 then 880 as likely support areas today.
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Today's Live Market Quotes & Charts
| NASDAQ | 2905.66 | ||||
| S&P 500 | 1344.90 | ||||
| ^TNX | 1.95 | ||||
| ^XAU | 200.34 | ||||
| ^XOI | 1295.01 | ||||
| BGU | 75.50 | ||||
| URE | 60.68 | ||||
| ERY | 9.83 | ||||
| EEM | 43.88 | ||||
| IWB | 74.77 | ||||
| DIG | 48.09 | ||||
| TLT | 116.57 | ||||
| UUP | 22.03 | ||||
| IWM | 82.95 | ||||
| USO | 37.59 |
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