Who remembers the Bionic Man? Remember the intro to the show when Steve Austin is squawking over the radio saying “Flight Con! I can't hold it! She's breaking up, she's break—"…and then the plane crashes and rolls across the desert in a giant smoking flaming trail of dust and debris? This market has that feel to it.
The markets are taking a beating again this morning. The Dow is off 200 points to trade at 10,240 and the 10 year Treasury is up over a point to trade at 3.23%.
Fear over sovereign debt problems in Europe continues to reverberate through the markets. In addition to the steady drumbeat of fear out of Europe the market is joined this morning by a chorus of higher Initial and Continuing Jobless Claims.
Initial Jobless Claims were released at 471,000 vs. an estimate of 440,000. Continuing Claims were released at 4.625 million vs. 4.605 million.
If you want to buy it’s not the best day…if you want to sell then now would be a good time. There’s not much more to report…I think I might go fishing.
If you have any questions or if there is anything I can be doing for you just let me know.
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