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All in Moderation

A slightly moderate bullish move today on better than expected Initial claims data.  Improved productivity and slight income increases suggests that things could be improving.

Pending Home sales disappointed though, and while housing is important in the economic recovery, the report had practically no impact on market movement.  The underlying sentiment, as per Put/Call ratio of slightly better than1 suggest some concern as we go into Labor data tomorrow.

The White House comments this week may be the cause of some the bearish concern, but we'll see if they were successful in lowering expectation of positive labor data.

Summary:  The move today is symptomatic of a "wait for the major news events" scenario,  ranging as the investment community tries to position themselves appropriately. 

CTM Trades: no new positions today, although I may be able to close the June CREE Bull Call at my expected profits tomorrow, if share value makes a move above 70.