Breaking news: CNBC reports that there has been more than expected reduction in jobless claims; “The number of people seeking unemployment benefits fell to its lowest level in five months, while economic growth, though still anemic, was better than expectations.”
With this unexpected good news, European markets have also soared ahead, wiping out their previous losses. U.S. futures were already up.
Basically, expect a good rally in U.S. markets today:) Happy trading.
I am beginning to think that U.S. markets may not have a smooth rally today. Especially the way European markets slid in the red after Germany voted to approve expansion of Euro rescue fund. Since then, European markets have been quite volatile today.
In early trading, European markets were hanging in balance waiting for the voting result. Everybody expected a positive run in the markets if German Parliament gave its approval to the rescue fund.
Well, markets are behaving in just opposite manner, first losing their gains and then turning into a red/green see-saw.
For U.S. markets, two important reports are awaited today; second quarter U.S. GDP and jobless claims data of last week. Bloomberg had earlier reported that these reports are going to be positive.
U.S. stock futures are quite high so obviously markets will open with a bang. We need to wait and see whether they end with a whimper:)