I think a significant pullback is overdue...
For the sake of the economy, I hope I am wrong...
For the sake of my FAZ position, I hope I am right...
It is clear to me that manipulation has taken the market up too high too quickly.
Green Shoots and "better than expected" can only carry so far..
The market is flying in the face of reality, its a mess out there...
Will be interesting to see how they "spin" todays data...
..............
Economists expect government data will show that initial claims for jobless benefits fell slightly but remain elevated because of layoffs in the auto industry.
The Labor Department's tally of new jobless claims is expected to drop to a seasonally adjusted 630,000 from the previous week's 637,000, according to a survey of Wall Street economists by Thomson Reuters.
Continuing claims are forecast to rise to 6.65 million from 6.56 million. That would be the highest total in records dating to 1967 and a 16th straight record.
The report is due at 8:30 a.m. EDT.
Investors also grew nervous following a warning from credit ratings agency Standard & Poor's that Britain may have its rating cut because of rising debt levels. The ratings agency reaffirmed the country's actual ratings but it lowered its outlook to "negative" from "stable" because of enormous borrowing aimed at battling the recession and banking crisis.
Other economic reports are expected. The Conference Board's index of leading economic indicators, which is designed to forecast economic activity in the next three to six months, is likely to rise have risen in April after not increasing for nine straight months.
The report is scheduled for release at 10 a.m.
Also at 10 a.m., the Philadelphia Federal Reserve is also expected to release a report on regional manufacturing.
Just my opinion...
