The Closing Look

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Stock Market Commentary:

Stocks rallied on Thursday even as oil prices fell to the lowest level since 2009. The Dow Jones Industrial Average and the benchmark S&P 500 tried to bounce near their 50 day moving average lines (an important area market participants watch). On the economic front, initial jobless claims rose to 282k, beating estimates for 270k. Import and Export prices fell -0.6%, missing estimates for -0.3%. This clearly shows that deflation continues to be more of a threat than inflation. The Bloomberg Consumer Comfort Index came in at 40.1, slightly higher than the Street’s estimate for 39.6. The index is a weekly, random-sample survey tracking Americans’ views on the condition of the U.S. economy, their personal finances and the buying climate.

Gary’s Thoughts:
This is the place the major indices need to hold as the Dow, S&P and NASDAQ were defended at the 50 day average. The issue is that markets were much higher early in the day. Many growth leaders also sitting on support after pulling back. We suspect we will get a good answer on Fed day on whether the markets breaks down or hangs in there.
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