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Minyanville's T3 Morning Market Call: Lower Expectations Heading Into Labor Day


Despite the low volume and volatility, there has been some action in select stocks.

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US stock futures point to a lower open Thursday following jobless claims that are unchanged from last week at 374,000. The S&P (^GSPC) looks set to open just above its 21-day moving average. Jobless claims have risen by 10,000 in August, demonstrating a slowdown in job growth. One part of the Federal Reserve's dual mandate is full employment, prompting many to speculate that Fed Chairman Ben Bernanke could announce further monetary easing at the Jackson Hole Summit this weekend.

Action will likely continue to try up over the next two days, and most traders have stepped away from their keyboards in anticipation. One key to long-term profitability that we teach in our Active Trading Course is knowing when, and when not to, trade aggressively. In this type of low volume tape, moves generally defy technical convention and frustrate traders.

Despite the low volume and volatility, though, there has been some action in select stocks.

Google (GOOG) has been a rockstar, recovering from a 2+% gap down Monday morning on the Samsung (SSNLF)-Apple (AAPL) patent infringement ruling (which many thought would have an adverse affect on the Google Android operating system). Google filled the gap in only two days, and then yesterday blasted off to 52-week highs without any hindrance from resistance levels.

Apple started the week off with a hang on the Samsung ruling, and although it hasn't built up any additional momentum, holding the majority of the gap up is constructive after such a big run for the stock. The iPhone 5 announcement is expected on September 12.

Gold (GLD) and silver (SLV) have also been in play as investors anticipate the Fed's next move from the Jackson Hole summit. SLV has handily outperformed GLD in the last two weeks, and that held especially true yesterday. SLV held in its upper consolidation, while GLD fell to fill the gap from last Thursday.

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