Two Ways: Durable Goods Prove Durable
Strengthen your portfolio in good times and bad.
The Commerce Department said today that durable goods orders for the month of April increased by 1.9%, the second increase in the last 3 months. Economists were expecting a slight gain of just 0.5%. Data for the month of March was adjusted downward, however, to show a loss of 2.1%. It was previously reported as a decline of 0.8%.
Meanwhile, orders for equipment excluding transportation rose 0.8%. This is against Street expectations for a decline of 0.3%.
In other economic news, the Labor Department said weekly initial jobless claims fell to a seasonally adjusted 623,000, while the number of people continuing to seek unemployment benefits rose to 6.78 million, the largest total since 1967. It's the seventeenth consecutive record-breaking week, according to the Associated Press.
For a view on the economy, see yesterday's Op-Ed: Federal Reserve Still Blowing Bubbles.
From the Bull Pen: If it feels better to be long than short, keep eyeing the S&P 500 resistance points at 910 and 930 (major one) for confirmed breakouts. Missing the bottom is your insurance against making the correct trade.
From the Bear Cave: I continue to believe there are strong headwinds for retailers into the summer months. Coach (COH) may offer a downside opportunity. A buy stop can be set above recent highs ($26.50).
Where's the best place for happy hour in NYC? Send me your suggestions! And have a great night!
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