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Jobless claims fall by 46,000

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For the week ending November 3rd, first time claims for unemployment fell by 46k to 450k which was lower than the economist's estimates of 500k.

This data has stock futures adding to some early morning gains as S&P futures (sp01z) trade higher by 7 points to 1,127, NASDAQ futures (nd01z) are up 20 points at 1,555 and Dow futures (dj01z) are higher by 55 points at 9,615.

Fair value for the S&P 500 today is $1.25. HL Camp and Company has their computers set for program buying at $2.30 and set for program selling at $0.58. Fair value for the NASDAQ-100 today is $3.50.

Same store sales

Companies are reporting their same store sales numbers this morning and the numbers are quite mixed. Ross Stores (NASDAQ:ROST) reported an increase of 5% in October same-store sales. Costco Cos. (NASDAQ:COST) October comps rose 6% and Wal- Mart (NYSE:WMT) comps gained 6.7%.

Gap Inc. (NYSE:GPS) reported a 17% decline in October comparables, May Dept. (NYSE:MAY) Oct. comps fell 6.4%, Federated Dept. (NYSE:FD) comps were down 8.7%, American Eagle (NASDAQ:AEOS) comps fell 7.2% and Dillard's (NYSE:DDS) comps fell 6%.

There were plenty of companies reporting same store sales this morning, but the above gives you an idea of just how mixed things were. Those that seemed to fair the best were in the "discount" area of the market, while some of the "higher-end" retailers had a difficult October sales month.

Jeff Bailey
Senior Market Technician
Option Investor

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