Futures had been positive but now we're looking at down 31 on the DJIA and 4.70 on the S&P.
One month of positive economic surprises since the last FOMC may be all
we get, now that a "majority" of FOMC members suddenly need a rapid
deterioration in economic data to usher in the NEWER, MORE OPEN-ENDED
QE. Initial claims was happy to comply: after posting several weeks in a
row of "beats", claims has finally resumed "missing", as well as
rising, posting an increase from last week's upward revised 368K print
to 372K this week, worse than the expected improvement to 365K, and to a
one month high. And with continuing claims missing too, the real story
continues to be the steep fall off in those on extended benefits and
EUC, which declined by a total of 48K in the past week, and down by
about half a million in the last few months, and lower by 1.3 million in
the past year....MORE
And the market's response:
