Wednesday, September 30, 2009

Capital Gainsville

Today is the last day of the third quarter and Thursday and Friday we have some big economic reports due out. Thursday we have personal income and outlays, jobless claims, construction spending, ISM manufacture index, pending home sales and EIA nat gag report. And if that was not enough Uncle Ben will be speaking at 9ET. Friday is light on reports but heavy on importance; employment and factory orders.

The market is starting to coil up like a tightly wound spring, and its ready to fire off, it just needs the catalyst. A few catalyst scenarios that I could think of all have to do with breaking a major support or resistance point. My thoughts are for a S&P 1100 before we have a correction of 5-10%. As far as the big employment on Friday I have heard estimates as low as 100K, which would be very bullish in my opinion.

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