Good Night Irene

Good Night Irene

12:30pm (EST)

For those of you who want to get an early jump on the stock market, the futures markets for the Dow, S&P 500, and the Nasdaq, open up on Sundays at 6pm (EST) and were strong throughout the night. The overseas markets begin trading at 3am (EST) and U.S. futures continued to strengthen after hearing of a merger between two Greek banks. Eurobank and Alphabank decided to tie the knot which was taken as a vote of confidence towards strengthening the country’s banking system. Shares of other Greeks banks rallied but…

The bulls also got some good news from this past weekend’s hurricane here on the Right Coast, as damages were less than expected. Travelers (TRV, $50.84, up $2.54) is up 5%, after some on Wall Street believe the company could raise prices on insurance, and that the estimated cost to insurers has come down to $2.5 billion. Forecasts from last week had estimates as high as $14 billion for Irene.

Economic news was so-so with Personal Income increasing 0.3% for July versus expectations for a 0.4% pop. Personal Spending was higher than expected, coming in at 0.8% versus forecasts for a 0.5% increase. Also, Pending Home Sales disappointed, but matched expectations, falling 1.3%.

The Dow is currently up 191 points to 11,472 while the S&P just tripped 1,200, up 24 points. The Nasdaq is higher by 62 points to 2,542.

We have 2 NEW TRADES we are releasing today so we have to cut it short. Subscribers check the Members Area for the important updates.

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