Futures were slightly lower ahead of the open overseas and hinted to more weakness here at home but had steadily improved ahead of Wall Street’s open this morning. Economic news has been slightly mixed but is helping the bulls make up for 3 days of losses with today’s surge back to resistance.
Initial Claims fell 21,000 to 323,000 from a revised 344,000 while the 4-week moving average came in at 338,500, down from 345,250. Continuing Claims were up 66,000 to 2,876,000.
Elsewhere, the Philly Fed came in at 6.5 in November and slightly below expectations but this was brushed off following the two-year high in September.
As far as the market, the Dow is up 85 points to 15,985 while the S&P 500 is higher by 10 points to 1,792. The Nasdaq is advancing 35 points to 3,956.
Subscribers, head to the Members Area for the updates as we are ringing the resister on a quarter position on a trade that is up 233%!