Jobless claims dropped to 556,000, the lowest level since January, futures are up, oil is up, retail looked weak and the Bank of England has had it with quantitative easing and has decided not to expand the program. Commodities should get a bounce today off the dollar’s weakness and financials are up almost 2% in the pre-market. Europe is rising for the first day in six, and metals are leading the way over there.
Alcoa reported their third consecutive quarterly loss and the the stock is up because it was “less bad” than analysts had thought. We continue to be in a market that rewards a “non-disaster” scenario because truly, that’s all it has to hang a hat on for now.
The less bad scenario only lasts so long before the reality sets in, we’ll see how long this lasts. A sigh of relief rally is not an organic rally and I will treat it accordingly.
Good luck today.