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Some Quick Thoughts on the Jobless Claims Data

Ah unemployment claims. The fact that the market is rallying today proves what I have grown accustomed to at this point...the market has no fundamentals in it whatsoever.

Let's look, unemployment is starting to rise again, but we are...raising stock prices. I know that its just a small gain, but its a gain. If more people are losing jobs, less consumers, less $ to spend, worse for retail, less demand for oil and gas, less demand for services, etc. etc.

I can't comprehend why some traders find this information in any way a reason to buy. I mean for daytrading maybe you can buy, but in the long run, how can we increase on worse than expected data. We rose on slightly better worse than worse before. Now, we are rising on worse than slightly better worse. What?

I don't get it.

David Ristau
President, The Oxen Group
Editor, The Oxen Report