Analysis:
Yesterday's Analysis predicted that "the Initial Jobless Claims will be close to 450,000 and contribute to the market's optimistic sentiment." Today the Initial Jobless Claims came in as 453,000, and the market moved higher towards 1,190 upon opening. Technical related profit-taking caused the market to drop back below 1,185 despite upbeat corporate earnings, but the market still managed to finish higher. Looking ahead to tomorrow, the market will trade in a range but drift higher as American Express' upbeat earnings will pull financial stocks out of doldrums.
Strategy:
Hold long at 1,160
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