US Economy Shrank As Unemployment Rises

July 31st, 2009

GDP contracted at a slightly lower pace than expected last quarter. The final number was about 1%, but the fact still remains that the economy is shrinking and more and more people are losing their jobs. In addition, delinquencies on mortgages and credit cards are on the rise again – not good at all. This early morning “perfect storm” sent the futures much lower. This has been a quick reversal of profits from yesterday’s early morning gap up. Here are the S&P levels to watch today in the markets. 980 is the next logical level to stop the free-fall today. Back later with more updates…hold strong before entering long positions.

 

spx31

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