Morning Call: GDP Not Good, Initial Claims Spike
July 31, 2008 9:33 AM
The economic data was not good this morning with GDP was 1.8% and Initial Claims were 448,000, both far worse than estimates. We are going to open down. If we are going to get serious pressure today, it is likely to come late. The futures charts suggest it may try and bounce a bit off the lows, or hold early on. if we cannot move higher, then bigger pressure may come late. Will just have to watch the gap reaction and see whats going on.
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This early gap has been bought, thus far, which I thought might happen….still too early to know….
This should not be a trend day down…the gap has partially filled already….open low is probably somewhat important here…
Well, gap has basically totally filled….the open was clearly bought ….from here it will be more difficult…