Tomorrow, several important Economic Indicators will move the market upwards or downwards.
1. Unemployment claims: currently, analysts are estimating that about 479k claims will be made, if the number is lower, we should see a boost to stocks. The chances of a better than expected result is about 70%. Analysts have become over-pessimistic due to the last 2 unexpected poor results which I had expected though.
2. Philly Fed Index: The poor result last month was attributed to the weak stock market in june. July’s market was much better, we have seen metal prices climbing in July, this bodes well for the Philly Fed index. 80% that this will beat expectations.
Opinion
Dow will continue its uptrend. Buy oversold sectors – Financials. Watch for profit taking in Materials and Industrials after their momentous climb.
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