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Thursday Morning Recap: Market Pointing Higher, Are Bulls About to Take Firm Control?

HedgeFundLIVE.com – Morning Notes

- Mixed trading in the overnight
- Nikkei and Shanghai Comp closed down marginally
- In China, Manufacturing PMI showed expansion
- In Europe, Moody’s downgraded 30 Spanish banks
- A clearing house in Europe, LCH Clearnet, increased margin to 35% on Irish bonds
- Bond yields have gone up as a result
- Concerns growing that Portugal will need a bailout after Parliament rejected austerity measures
- Portugal PM resigned as a result of vote to reject austerity plan
- European bourses are up small
- Unrest in Middle East continues
- Israeli Defense Forces shelled targets in Gaza after more rockets were launched into Israel
- Syrian security forces persist in cracking down on protestors in Dara- 25 more protestors may have been killed
- A “Day of Departure “ is being planned for Friday in Yemen- those loyal to President Ali Abdullah Saleh clashed with army units supporting opposition groups
- February Durable Goods Orders: -0.9% vs. +1.1%; prior revised up to +3.6% from +3.2%
- February Durable Goods Orders Ex Trans: -0.6% vs. +2.0%; prior revised up to -3.0%
- Jobless Claims: 382K vs. 380K; prior revised up to 387K from 385K
- Continuing Claims fall to 3.721M from 3.723M
- Small pullback following latest dose of data
- S&P futures are up 7 handles from FV ahead of the bell