Wednesday, March 28, 2007

Thursday Curtain Raiser

Brief post tonight due to family related stuff (fun).

Compared with the fireworks of late yesterday afternoon's brief crude oil surge and revelation of an FBI investigation of Beazer Homes (BZH) things are mighty tame this evening. U.S. stock futures are little changed tonight.

Thursday's economic data releases include a final revision of 4th quarter GDP, expected to hold at 2.2% growth and the weekly jobless claims which are expected to rise by 4 thousand to 320,000.

Dollar has stabilized as well this evening, but with Japanese fiscal year end repatriation going on, yen-dollar trade will be volatile this week. I will do more on Yen to SPX relationship tomorrow morning.

S&P 500 is perched at its 10 day moving average. But test of 1410, previous resistance is what I'm looking for. 1410 is also pre-Fed meeting rally. After that it's the 20 day moving average to look out for.

By the way... what's up with this chart? Why did bank credit fall off a cliff???

Circuit City to cut more than 3,500 jobs is the non desript headline on the Google Business headlines page. Putting my nifty headline translator decoder ring on, it should really read: "End of Quarter Layoffs At CC Signal Earnings Miss Ahead". Lee Scott yesterday was winking and nodding that things are starting to slow down at Wal Mart; so if CC is cutting thousands of already low paid floor workers to replace them with even lower paid workers - sounds like the quarter wasn't so hot - or is just me be silly?

Good night.

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