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| Jobless Claims higher by 15,000
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The weekly jobless claims released at 8:30am today were at 576,000 up 15,000 from a revised 561,000 and well above the expected 550,000 number. Stabilization could be due to the end of benefit cycles.
The Dow is up 30 in afternoon trading showing that the overall market is taking this news in stride. The news is a little disappointing but does not change the overall trend as clearly down. It seems clear we’ve seen the peak in jobless claims which were around 650,000 per week this spring. The unemployment level could still top 10% and then start coming down next year. Only a few months ago people were talking about 12% in unemployment so generally things seem to be improving. If you look at the effect of the stimulus which only modestly improved things; take into consideration that only about 10% of the money has been spent to date. About half of the money will be spent in 2010 and that will have a very supportive effect in the economy. William Sergautis ChartTrader Investment Advisors.
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| Oil Inventories Down 3.7M barrels |
| The Energy information agency announced today at 10:30am that oil Inventories were down 3.7 million barrels. Distillery inventories were up 2.9 M barrels. Gasoline up 2.3 M barrels and refinery utilization was down 0.1% to 87%. The effects of the OPEC supply cuts are starting to show. In June the supply disruptions in Nigeria accounted for 200,000 to 280,000 barrels/day in shut downs according to the national oil company in Nigeria....+more |
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William D. Sergautis
Bill’s 20+ years experience in the investment business started as a commodities futures broker in 1981. He learned the power of technical analysis trading commodities but soon moved into stocks, bonds and financial planning with Prudential Securites in Toronto. As the assistant manager for Cardinal Capital and as Branch Manager for Cardinal Capotal and as Branch manager of Brookstreet Securities in Aventura, Florida; Bill has seen thousands of accounts traded under various market conditions. CharTrader TM is licensed to do business in FL, CA and NY. If you are looking for advice or stock picks in any other location please contact a registered investment advisor in your home state.
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