Recall that one week ago the government released some devastatingly bad numbers on first time unemployment filers. The number was around 500,000 and really took the steam out of markets. The government releases its latest numbers on unemployment before the bell and if last week is any kind of indication, this data will be extremely telling and could highly influence the markets. We shall soon see.
All in all I am still surprised to see that the DOW is still floating slightly above 10,000. You may be surprised as well. On the other hand it is somewhat telling that it is this high. It indicates that the inside feeling at least at this particular juncture is not quite as calamitous as the articles would have us believe. Remember, there are two economies - Wall Street and Main street.
CNN: Stocks poised to edge higher
...investors may remain cautious ahead of the lastest reading on second-quarter GDP due Friday. It's expected to show the economy grew much less than previously estimated...
Before the bell, the government will release its weekly numbers on first-time unemployment filers.
Oil futures for October delivery rose 77 cents to $73.29 a barrel.
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