Futures were trading in a tight range ahead of this morning’s jobs data as Wall Street was unsure of what to expect. The news wasn’t bad but it wasn’t inspiring either. Initial Claims came in at 401,000, which matched expectations but moved back above the 400,000 level following last week’s surprise decline to 395,000. Continuing claims fell to 3.70 million from 3.75 million.
As for news from overseas, the European Central Bank (ECB) decided to keep its interest rate at 1.50%. Some traders were expecting some kind of a rate reduction, but the head brass said that rates remain appropriate. The ECB also said it would initiate two longer-term lending programs as they continue to urge countries should move to recapitalize their banks.
As a result, the bulls took today’s events as a positive step in the right direction and have managed to push the market past key support levels.
The Dow is up 110 points to 11,050 while the S&P 500 is advancing 14 points to 1,158. The Nasdaq is gaining 34 points and is at 2,494. We have been busy again today as we take advantage of the market’s rebound. We have a lot to cover with our new and current trades so let’s get to it. Subscribers, check the Members Area for the updates.