Today’s Recession Snap

…shot.

The futures market strengthened in the wake of the weekly initial claims report, which showed an 18K drop to 357K (consensus 375K). The 4-wk moving average, meanwhile, dipped tp 368,500 from 371,250. The level of claims simply isn’t at recession-like levels. This realization, combined with the generally pleasing same-store sales reports, has the market on track for a positive open. Nasdaq at… NYSE Adv/Dec 0/0… Nasdaq Adv/Dec 0/0.

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