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March 23, 2010 – 10:11 am

The consumer price index numbers were reported in line with the producer price index meaning inflation is not on the horizon. That is all to the good allowing the Fed to concentrate on economic growth rather than inflation.

Jobless claims fell for the third week in a row pulling the more significant four week average down by 4,250 to 471,250. That is a very high number so we have a long way to go before we achieve any sense of a normal range which is below 350,000.

The market continues to crawl up a wall of worry and this morning we see more of the same. The economic news has been slowly improving and still it appears investors and traders do not believe it as the market struggles higher. You can see that disbelief in the low volume and the small gains in stock prices as corporate earnings come in very strong. The earnings season starts next month that may or may not set a bullish tone but the earnings themselves will be good.

The economy is in recovery mode, but at what pace? That appears to be the question that needs to be answered and I don’t think we are going to get a clear picture any time soon. Therefore the wall of worry will stay with us. That is good for stock prices.

Good Trading
Steve Peasleya

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