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Stats and More Stats

December 2, 2010 – 4:46 pm

There was a plethora of economic data released this week and most of it was better than expected and as a result the fall in stock prices has come to an abrupt halt. The worry over Ireland and the rest of the Europe is fading fast. That worry pushed the Euro down and the dollar up which in the last year or two has meant lower stock prices.

The reversal of this trend Started on Tuesday so it is too early to determine a possible trend change to the up side but it certainly feels like one. We might be seeing an early Christmas rally.

Not all economic reports were positive this week. The unemployment claims rose sharply to 26,000, an unpleasant surprise. That reversed a downward trend over the prior four weeks. This put a damper on the expectations for the November jobs report being released on Friday.

A slowly improving economic picture is developing and I expect that to continue into the new year. The stock market should react well but there is always the unexpected that seems to happen regularly that could upset the apple cart. For the time being that apple cart is on firm footing.

Good Trading
Steve Peasley

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