Is anyone still in the audience?

  • November 27, 2013

audiencetoon

Sure you are! Let’s get ready for the show. The market opened flat, but that didn’t last long. There was a cornucopia of economic data released today, all of which had the potential to rock the market….and it did. Let’s break down the performance.

  • Initial jobless claims filed last week fell 10,000 to 316,000. This fell short of economists’ forecast of 330,000 claims. It was a strong opening statement.
  • Not to be outdone by the warm up act, repeat claims also fell, which coincides other jobs data. This could affect economists’ forecast for unemployment rates in the third quarter.
  • Chicago PMI came in strong at 63, beating the consensus forecast of 60. This suggests the economy continues to gain momentum. The Fed just dropped the mic and exited stage left.

Economic recovery just rocked the house. However, the bond market sings a different tune; most lenders re-priced for the worse before lunch. The market is closed tomorrow for the Holiday and we will be back for a half day on Friday.

Happy Thanksgiving!

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