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Market Updates

Stocks set to open lower

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Stock futures are indicating a lower open this morning as S&P 500 futures are trading down 9 points to 1,075. NASDAQ futures are down 28 points at 1,395 and Dow futures are off 80 points at 9,250. Fair value for the S&P 500 today is $2.01. HL Camp and Company has their computers set for program buying at $3.23 and set for program selling at $0.25.

Jobless claims hit 10-year high

Weekly jobless claims were released this morning and those numbers show weekly numbers of unemployed rose 8,000 to 504,000 and the more-informative four-week average rose 12,000 to 505,000, the highest since March 1991.

Continuing claims for unemployment rose 56,000 to 3.65 million and the four-week average of continuing claims rose 94,000 to 3.53 million. Both of these number are 18-year highs.

Durable good orders fall

As more and more citizens head to the unemployment lines, time spent there has them buying less durable goods. September orders for durable goods orders fell 8.5% vs. estimates for a decline of 1.1%. Excluding defense orders, durable goods orders fell 9.1% and declined 5.5% excluding transportation.

Jeff Bailey
Senior Market Technician
Option Investor

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