At 7:40 a.m. futures are slightly down, the dollar is mostly up against major world currencies, and the price of oil is down per barrel. The market is poised to open lower.
That lower opening could get real low if two numbers come in on the poor side today.
First there's our weekly first time layoffs number. As you know, we are into a bona fide softer spot in an already soft spot with the employment scene. Either way, the number comes out at 8:30 a.m. EST.
Second there will be more data on the already seriously weak housing market. It's a buyers market out there, mortgage rates don' get any better except the quantity of buyers who can qualify is limited. See point 1.
Adding to the above, China is have a manufacturing slowdown and is it any wonder considering Europe is now in recession with very high unemployment rates in various multiple areas. If nobody can buy anything why would factories produce anything.
Be wary of the headlines lately. Remember that fear is a major selling point with journalists. They invoke fear and anxiety whenever there's an opportunity to do so because we're human beings and we are attracted to misfortune like a moth is to a flame. Just be cool and don't get too close to the flame.
CNN: Stocks: A world of worry
The Fed said Wednesday that it will extend Twist -- its policy of swapping short-term Treasuries in its portfolio for debt with a longer duration -- until the end of the year...
...Chinese manufacturing fell to a seven-month low -- a sign that factories there are being hit by sluggish demand.
...the latest look at first-time unemployment claims and existing home sales.
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