Following yesterday’s negative outside day in the S&P’s (trade above the prior day’s high and close below the prior day’s low and sometimes a technical short term reversal sign), the market faces the two major big picture issues that our economy has, jobs and housing. Initial Jobless Claims are expected to total 550k vs 545k last week which was the lowest since early Jan (not incl. the July distortions). Continuing Claims are expected to fall by 47k after last week’s spike. Aug Existing Home Sales are expected total 5.35mm and that would be the highest level of sales in two years as buyers rush to take advantage of the tax credit. The Sept German IFO business confidence # rose to a one year high but was almost 1 point less than expected and the Euro is down as a result. The G20 meeting in Pittsburgh should be as exciting as the movie “The Fish That Saved Pittsburgh,” starring Dr. J, all style and no substance.
