9:00am (EST)
The bulls made a valiant attempt to get back to even in the last 15 minutes of trading on Thursday but fell just short as the bears got the W. The bulls spent the majority of the session in the red but kept the losses in check following a nasty jobless claims numbers.
Initial Claims zoomed 78,000 to 438,000 and broke above the critical 400,000 market which we have hinting could be coming. Of course, Superstorm Sandy played a major role in people filing but the forecast by “economists” called for a rise to 380,000. If the weather forecasters could call this one right a week in advance, you would figure one of the geniuses had claims pegged to come in north of 400,000. Nope.
The news knocked futures back but the bulls did find some support before mounting their late-day comeback.
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