Bulls at the Brick Wall

12:50pm (EST)

Futures were up last night ahead of the European open and held up for Wall Street despite some negative headlines before the bell.

Although this shouldn’t be a surprise, Moody’s (MCO, $34.97, down $0.34) downgraded Spanish banks 3 notches to “Baa3” which is a fancy looking number for bonds but is just one level ahead of junk status.

Initial Claims were worse-than-expected but still short of 400,000 after coming in at 386,000 versus expectations for 375,000. Continuing Claims matched forecasts and came in at 3.27 million. And finally, Consumer Prices declined 0.3% versus expectations for a drop of 0.2%.

The bulls got off to a slow start and gave way to the bears, briefly, before pushing resistance (again) as we head into the second half of trading.

The Dow is up 116 points to 12,612 while the S&P 500 is higher by 10 points to 1,325. The Nasdaq is showing a gain of 17 points and is at 2,836.

We have a lot to cover inside our Members Area as we have a number of trade updates and price adjustments. We will be back in the morning with our next update and remember tomorrow is quadruple-witching day for June options which could add some volatility into the mix.

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