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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 | 2778.79 | ||||
| S&P 500 | 1295.22 | ||||
| ^TNX | 1.70 | ||||
| ^XAU | 147.76 | ||||
| ^XOI | 1102.97 | ||||
| TBT | 16.38 | ||||
| EEM | 37.29 | ||||
| EEV | 33.69 | ||||
| XLE | 63.94 | ||||
| FAZ | 28.67 | ||||
| FXP | 31.37 | ||||
| DIG | 37.49 | ||||
| DUG | 28.53 | ||||
| TLT | 124.20 | ||||
| DOG | 37.64 |
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