Analysis:
Yesterday's Analysis predicted that "the Initial Jobless Claims will drop below 450,000." Today the Initial Jobless Claims came in 434,000, and the market rose slightly upon close. Looking ahead to tomorrow, the Q3 GDP will be at least 2.2%, as the international trade deficit was helped by a weak dollar and did not drag down the GDP as much. The Consumer Sentiment will increase slightly from September's 68.2 instead of the consensus decline. The Chicago PMI will decline less than the consensus and will not impede the market's rise. As a result, the market, aided by Microsoft's upbeat earnings report, will attempt to breach 1,200 and close above 1,190.
Strategy:
Hold long at 1,160
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