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Not Great But Good Enough

October 1, 2010 – 4:57 pm

This morning the market started off on a solid footing as China reported a stronger PMI number for September. It was up to 53.8 from 51.7. Strength in Asia helps our economy as well so it is difficult to see any hint of a double dip recession in the U.S. as long as China is still strong.

In our own economy claims for unemployment benefits fell again more than expected, consumer income went up and spending was up as well. Actually income was higher than spending so savings also increased. These may not be stellar numbers but it is an improvement.

Later this morning we will get a report on the U.S.manufacturing sector and that could either boost the early gains or pull them down. However, there is no arguing with the fact that our economy is still growing, just not nearly as strong as we would like.

Earnings season starts next week and expectations have fallen. It is very possible that the market will get an upside surprise. That would be very good for stock prices

Good Trading
Steve Peasley

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