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Mixed Numbers

June 17, 2010 – 5:03 pm

Before the opening this morning Futures where up nicely but a few minutes before the bell the weekly jobless claims report came in with 12,000 new claims which was more than expected after falling for several weeks in a row. The reason Futures were up was good news out of Europe with retail sales for the UK up much stronger than expected and a successful bond offering by Spain. There was great concern that the bond offering would go poorly. That faded because of the jobs data.

The CPI for May fell in line with expectations. Inflation is still currently very muted and likely to stay that way until the jobs picture improves.

After the market was open for about a half hour the leading economic indicators report was released and it showed a gain of .4% a good number for future growth. However, at the same time, the Philly Fed report which gauges the strength or weakness of manufacturing in the Northeast showed a drop from 21 to 8 when expectations were for it to come in at about 20. That is worrisome.

The economy is still growing slowly but do not expect an uptick in the jobs numbers. This looks like a jobless type of economic recovery as we limp along with subpar growth.

Good Trading
Steve Peasley

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