6/3/2010 gameplan | Bulls on Wall Street

6/3/2010 gameplan

 
 
 
Morning folks.  Futures up a tad. Mostly due to the huge run overseas during the night.  the initial jobless claims number are out.
 
there has been  No movement.  Steady is not really that  good.
New Claims – Level        460 K        450 K        445 K to 475 K        453 K
4-week Moving Average – Level        456.50 K                        459 K
Moving average went UP – not good.
 
 
Futures are moving up on the news a little.  But I wouldn’t be surprised to see a bit of a sell off at the open.  but thats just a guess. AS TRADERS…the news matter but NOT the actual news but reaction to it..  Price is the only that matters. Price action.  Everything else is just a guess.  A big thing im watching with the market to see if we are in a bottoming formation is how the market digests bad news.  If we keep shrugging off bad data then the bull will be back on.  See with Quantitative Easing, massive amounts of liquidity pumped to the economy and banks, the govt can reflate the stock market even if economy is stagnant.  there are obviously dozens of other factors in play but those are a few.
 
 
Productivity and Costs were down almost a full percentage point.
Again – not good.
Released on 6/3/2010 8:30:00 AM For Q1:10
Prior        Consensus        Consensus Range        Actual
Nonfarm productivity – Q/Q change – SAAR        3.6 %        3.4 %        2.7 % to 5.9 %        2.8 %
Unit labor costs – Q/Q change – SAAR        -1.6 %        -1.3 %        -5.2 % to -1.1 %        -1.3 %
Market Consensus Before Announcement
Nonfarm business productivity in the initial estimate rose an annualized 3.6 percent in the first quarter after a 6.3 percent surge in the final quarter of 2009. Unit labor costs slipped an annualized 1.6 percent in the first quarter, following a fourth quarter drop of 5.6 percent. The easing in productivity growth was largely due to less robust output growth and was largely expected, given the slowing in GDP growth. Looking ahead, revised Q1 productivity will likely be nudged down given the slight downward revision to first quarter GDP growth to 3.0 percent from 3.2 percent annualized.
 
this data is basically status quo. Market might not move till the factory data is out at 10am.
 
AAI
ARUN
CHCI
CRUS
CTHR
GTXI
HAUP
INHX
INTT
LEI
LSCC
MEG
MIG
MILL
NR
PBTH
PQ
SMTX
TGA
TIE
UPI
URRE


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