Thursday Outlook: Replay of Last Week?

May 27, 2009



It sure looks like a replay developing to me. A “worse than expected” Treasury auction was the instigator today combined with little help from the ubiquitous “better than expected” news.

We have more news ahead (don’t we always) tomorrow (Durable Goods Orders, Jobless Claims and New Home Sales) and Friday (GDP, Chicago PMI and Consumer Sentiment). These have a lot of spin potential for either side in this tug of war and I think they may tell the tale going forward.

Volume is still on the light side but breadth undid yesterday’s big advance.

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