Market Overview

Thursday: Draghi Disappoints, Consumer Confidence Disconnected – Market Up?


Well, on the bright side, what worse can happen?

Both the ECB and the BOE left their rates unchanged (because Europe is fine, I guess) but we're still waiting for Draghi (8:05) to explain himself.  Yesterday's Fed Beige Book indicated the US is still in a SLOW but steady recovery and we're waiting for Unemployment at 8:30 and Consumer Comfort at 9:45 but it's all about the Non-Farm Payrolls Tomorrow morning (8:30) as the key data-point for the week.  

Unfortunately, according to the WSJ, at our present rate of job growth, it will take the US more than a decade to get back to "full employment," which is 4.5% Unemployment.  Of course, the WSJ does need to be reminded that, at the Bush rate of job losses, no one in the country would have had a job by the end of the decade so, despite their concerns – we are a bit better off than we were 5 years ago.  Slow and steady does indeed win the race, especially when the alternative is plunging headlong into the depths of Economic Hell…

Speaking of plunging – as you can see from our Big Chart, we're hitting our predicted pullback targets (the 50 dmas) already so of course we expect a little bouncing action.  As I noted to our Members yesterday, we expect at least weak bounce levels to be made on our indexes and those are (see original comment for details):
















Would you like to read up-to-date articles on the day they are posted? Subscribe by clicking here.

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: News Futures Forex Global Economics Markets


Related Articles

View Comments and Join the Discussion!
Fastest Market News Application
You'll Hear It First On Pro
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at

Stocks to Watch for June 06, 2013

Drug Company Profits Set to Increase from Additions to DSM-5 (LLY, NVS, PFE)