If we look long term, we can still see a very slow but gradual rise in
the SPY one day at a time. It is so
gradual that sometimes it is hard to see.
But it is there.
It appears that profit taking was in the mix yesterday so we did not have much movement at all. The world markets were also flat but the dollar had kept up its steady slide.
This may give us an indication that the markets may continue inching upward even if we cannot see it. But a lot will depend upon the pre-market announcement on jobless claims. This could also set the stage for where we are headed today.
Applications for unemployment benefits have fallen by 10 percent in the past six weeks, but analysts don't expect the positive trend to continue on Thursday. Instead, Wall Street economists forecast that initial claims for jobless aid rose by 2,000 to 455,000 last week, according to a survey by Thomson Reuters. The Labor Department will issue its weekly report Thursday at 8:30 a.m.
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