11:35am (EST)
Futures were showing a decent open on Wall Street throughout the night and got a huge lift this morning ahead of the weekly unemployment numbers. Initial Claims dropped to their lowest level since 2008 after coming in at 324,000 while the 4-week average fell 16,000 to 342,250 and also a five year low.
The numbers surprised the suit-and-ties given yesterday’s weak ADP Employment report and makes tomorrow’s Nonfarm Payrolls numbers that more interesting. Also in play was the rate cut from across the pond as the European zombies lowered rates by a quarter of a point. There was talk yesterday that Mario Draghi, Head Zombie of the ECB, would clam up and not go through with the rate cut that lead to the late-day weakness along with the Fed comments.
The bulls are trying to recover yesterday 1% pullback and have grabbed it back as the Dow is up 110 points to 14,811 while the S&P 500 is higher by 14 points to 1,597. The Nasdaq is gaining 37 points to 3,336 while the small-caps are rebounding as the Russell 2000 is up 10 points to 934.
We have a New Trade we are getting into today and we have a few others getting some nice pin action. Subscribers, check the Members Area for the updates.