Two Ways: Eurozone Jobless Numbers Reach 10-Year High
Strengthen your portfolio in good times and bad.
Joblessness was the worst in Spain where the rate jumped to 18.5%. This is in contrast to the Netherlands' 3.5%. Germany, the regions's largest economy, held steady at 7.7%.
For what's going on in the US, check out Toddo's Randoms: Animal House into Quarter-End!
From the Bull Pen: If you think conditions in the US are still worse than Europe, then the knee-jerk reaction in the euro could be an opportunity for bulls looking to get into the euro ETF (FXE). A short-term sell stop can be set near $145. One can also consider the Australian dollar ETF (FXA), which rose to a new high yesterday. Gapfill near $87 could provide one with a better entry.
From the Bear Cave: For equity bears J.Crew (JCG) near $36 could be a downside opportunity. First watch for a break of the 10-day moving average (currently 33.20) and more downside follow-through. A buy stop can be set 2% above entry if and when this happens.
A Quick Check Around the World
Asian trading closed with the Nikkei -1.53%, India 0.05%, Hang Seng (Closed), Shanghai (Closed), and Taiwan 0.48%.
Across the pond, we see the FTSE -0.43%, CAC -0.51%, DAX -0.28%
As of 8:30 a.m. EST, S&P Futures are trading -4.75 to 1048.25 and Nasdaq futures are -8.500 to 1709.00.
A Look at Commodities
Over in commodities, crude oil is -0.75 to 69.86 while gold is -4.30 to 1005.00 this morning. Silver is -0.48 to 16.61 and copper -3.600 to 278.30.
The dollar index is +0.46 to 77.3250.
On the Radar
August Personal Income +0.2% vs +0.1% consensus, prior revised to +0.2% from 0.0%
August Personal Spending +1.3% vs +1.1% consensus, prior revised to +0.3% from +0.2%
August PCE Core M/M +0.1% vs +0.1% consensus, prior +0.1%
Initial Claims 551K vs 535K consensus, prior revised to 534K from 530K; Continuing Claims falls to 6.09 mln from 6.16 mln
August PCE Deflator Y/Y -0.5% vs -0.6% consensus, prior -0.8%
August PCE Core Y/Y +1.3% vs +1.3% consensus
10:00 Construction Spending (-0.2% cons)
10:00 ISM Index (54.0 cons)
10:00 Pending Home Sales
Click here for the full trading radar.
Good luck, Minyans! Have a great day!
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