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Two Ways: Eurozone Jobless Numbers Reach 10-Year High


Strengthen your portfolio in good times and bad.

The euro is under pressure against the greenback this morning after the 16-member Eurozone unemployment rate ran up to 9.6% in August, the highest in 10 years. According to the Financial Times, unemployment increased by 165,000 to 15.2 million last August, as reported by Eurostat, the European Union's statistical office.

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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No positions in stocks mentioned.

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