Jobless claims rose 8,000 to 480k last week, pushing the 4-week moving average up for the third consecutive week after 19 straight weeks of declines. As a leading indicator into the health of the labor market, this statistic gives me a bearish sentiment. Further, stripping out personal investment in inventory in last week's GDP report takes the number to 2.2%, much less than the reported 5.7%.
My posts over the last few weeks have been alluding to a possible inflection point coming in the markets and I believe today's market action constitutes that inflection point. The latest price movements either represent a pull-back in the markets and today is a great buying opportunity or they represented the beginning of a much greater broad market decline.
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